S&P assigns public information ratings to 8 Chinese banks
( 2003-11-26 15:39) (Xinhua)
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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