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Shanghai Rural Commercial Bank Co. Ltd. Upgraded To ‘BBB/A-2’; Outlook Stable

หน้าแรก > ข่าวธุรกิจ > Shanghai Rural Commercial Bank Co. Ltd. Upgraded To ‘BBB/A-2’; Outlook Stable
ผู้โพส : Admin / วันที่โพส : 2018-03-14 11:15:07
คำค้นหา : Keyword: S&P Standard & Poor's S&P Global Ratings


Shanghai Rural Commercial Bank Co. Ltd. Upgraded To ‘BBB/A-2’; Outlook Stable




          HONG KONG (S&P Global Ratings) March 13, 2018--S&P Global Ratings raised its long-term issuer credit rating on Shanghai Rural Commercial Bank Co. Ltd. (SRCB) to 'BBB' from 'BBB-'. The outlook is stable. We also raised our short-term issuer credit rating on the bank to 'A-2' from 'A-3'. 
          We upgraded SRCB to reflect the improved credit standing of the Shanghai municipal government. We believe that the robust revenue growth supported by Shanghai's strong economy will help the municipal government maintain its budget surplus and very high debt-service coverage ratio, and stabilize its debt burden. This strengthens the government's financial capacity to provide extraordinary support to SRCB, if required. 
          The rating on SRCB has moved to two notches above the bank's stand-alone credit profile (SACP) of 'bb+', from one, reflecting the Shanghai municipal government's strengthened ability to provide timely and sufficient extraordinary support. 
          Our view of SRCB's moderately high likelihood of receiving extraordinary support from the Shanghai municipal government is based on our assessment of the bank's important role for, and strong link with, the Shanghai municipal government. We believe: 
          - SRCB has an important and unique role in providing banking services to the economically disadvantaged small and midsize enterprises and the rural community in Shanghai. In addition, SRCB is a fiscal account agent bank for the local government.
          - SRCB has a strong link with the Shanghai municipal government. Shanghai International Group, the government's solely owned financial holding platform, owns more than 20% of SRCB. The government also holds some additional shares of SRCB via various local SOEs. The local government regards SRCB as one of the important financial institutions it owns, and has articulated its intention to maintain its ownership.
          The stable outlook reflects our expectation that SRCB can maintain its SACP over the next 12-24 months. We also continue to see a moderately high likelihood that the Shanghai municipal government will extend extraordinary support to SRCB, if needed, to support the bank's overall creditworthiness. 
          We would lower the rating if SRCB's SACP slips to 'bb', which could be due to: (1) the bank's asset quality deteriorating and credit losses becoming much worse than domestic peers' throughout the cycle; or (2) the bank's risk-adjusted capital (RAC) ratio falling below 5% within next two years, possibly due to aggressive lending and a significant fall in profitability. 
          We see limited likelihood of an upgrade. A higher rating would require a further increase in the likelihood of extraordinary support from Shanghai municipal government or substantial improvements in the bank's SACP. We could raise the SACP if: (1) SRCB significantly strengthens its capitalization and its RAC ratio exceeds 10% within the next two years; or (2) the bank's credit losses are sustainably lower than domestic peers' throughout the cycle.
 
 
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