Rating Action: Moody’s affirms A2/P-1 deposit rating of Bank of Communications; outlook stable
Global Credit Research – 03 Dec 2020
Hong Kong, December 03, 2020 — Moody’s Investors Service has affirmed (1) the long-term A2 local-currency and foreign-currency bank deposit ratings, and (2) the short-term P-1 local-currency and foreign-currency bank deposit ratings of Bank of Communications Co., Ltd. (BoCom). Moody’s has also affirmed the bank’s Baseline Credit Assessment (BCA) and Adjusted BCA of baa3.
The outlook on the ratings remains stable, reflecting Moody’s view that the Chinese government’s willingness and capacity to support BoCom will remain broadly unchanged over the next 12-18 months; and that BoCom’s asset quality, capital and profitability will remain roughly stable during this period.
A full list of affected ratings and assessments is at the end of this press release.
The affirmation of BoCom’s ratings with a stable outlook reflects Moody’s expectation that…