S&P assigns 'pi' ratings to 8 banks

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Last updated at: (Beijing Time) Wednesday, November 26, 2003

S&P assigns 'pi' ratings to 8 banks

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Standard & Poor's Ratings said Wednesday it had assigned long-term public information (pi) local currency credit ratings to eight Chinese banks, significantly expanding its rating coverage of China's financial institutions in response to continuing investor interest.

The newly rated banks are: Agricultural Bank of China (BBpi), China Everbright Bank Co. Ltd (Bpi), China Merchants Bank (BBpi), China Minsheng Banking Corp. Ltd (Bpi), Guangdong Development Bank Co.Ltd (CCCpi), Hua Xia Bank Co. Ltd (Bpi), Shanghai Pudong Development Bank Co. Ltd. (BBpi) and Shenzhen Development Bank. Co. Ltd (Bpi).

Among the eight banks, Agricultural Bank of China is state-owned. The other banks are joint stock commercial banks, which are permitted to engage in all forms of general banking, including foreign exchange and international transactions, and effectively compete for deposits and loans in the same market segment.

"The joint stock commercial banks have captured a market share equivalent to nearly 14 percent of the total assets in China's banking sector. Although this level is still below the 59 percent held by the four wholly state-owned commercial banks, it is indicative of the rising importance of the joint stock banks, " said Standard & Poor's credit analyst Ryan Tsang on Wednesday.

Tsang was speaking ahead of a seminar to be held Wednesday in Beijing to launch "China Financial Services Outlook 2004", a publication marking the most recent expansion of Standard & Poor's analytical coverage of the banking and insurance sectors of Asia's most rapidly expanding economy.

The publication includes analytical reports on the eight newly rated banks. In addition, extensive commentary items discuss the most critical issues facing China's banking industry today.

The contents also feature two ground-breaking commentary articles on China's burgeoning and rapidly changing insurance sector.

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