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S&P rewards efforts of Chinese banks

S&P rewards efforts of Chinese banks

(30 July 2004 – China) Standard & Poor’s has acknowledged the efforts of two Chinese banks to reform their processes and operations. The ratings agency has raised the credit ratings of Bank of China and China Construction Bank from "BB+" to "BBB-" which will help lower the cost of borrowing for the two banks.

S&P said the upgrades reflected the bank’s improvement in their financial profile and bank reform initiatives.

China’s central bank sunk US$45 billion into the two banks last year in a bid to help them overcome their non-performing loan difficulties and stabilise them in the run up to international competition by 2007.

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