Standard & Poor’s revises up ICBC’s rating

16:53, December 20, 2010      

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Standard & Poor's, one of the world's leading rating agencies, revised the rating of the Industrial and Commercial Bank of China (ICBC) recently to name it the top Chinese commercial bank.

Standard & Poor's has upgraded ICBC's long-term foreign exchange credit from A- to A and its short-term credit from A-2 to A-1. ICBC's prospects have been put under the "stable" category. Its fundamentals have also been promoted from C to C+.

The agency says that the revision is based on ICBC's constant improvement on profitability, good development strategy and clear capital management. It believes that ICBC will continue to hold a strong fiscal position.

By Li Jia, People’s Daily Online
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