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Moody Re-grades 8 Chinese Banks
Moody recently re-graded the financial strengths of eight Chinese banks.
According to Mingpao Daily, the re-grading has nothing to do with the credit of these banks but out of consideration for fitting the new rating standard only.
The new rating standard provides the following grades: A, A-, B+, B, B-, C+, C, C-, D+, D, D-, E+ and E, of which A-, B-, C- and D- are newly added.
The ratings reset as follows: D-, Bank of China; E+, China Construction Bank; D-, Everbright Bank of China; D-, China Merchant Bank; E+, Guangdong Development Bank; E+, Industrial & Commercial Bank of China; D-, Shanghai Pudong Development Bank; E+, Shezhen Development Bank.
By PD Online staff member Deng Gang
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