On December 15, 2013, Standard & Poor's Ratings Services announced to upgrade the Stand-alone Credit Profile of Bank of China Ltd (the ‘Bank’) from ‘bbb-’ to ‘bbb’, maintained the Bank’s Counterparty Credit Rating at ‘A/A-1’ and ‘Stable’ rating outlook.
The upgrade was primarily due to the revision of the assessment of Bank’s risk position from ‘moderate’ to ‘adequate’. Standard & Poor's Ratings Services reckoned the revision reflected the Bank's stable asset quality with very low credit loss experience in recent years, moderated credit growth and significant offshore asset portfolio, which diversify the Bank’s overall risk. Meanwhile, it also held the view that the Bank maintained its strong business position, stable capital and earnings profile, strong funding and liquidity management and the sufficient extra support from the government. The upgrade of the Bank’s Stand-alone Credit Profile reflected the Standard & Poor's recognition of the Bank’s risk management progress, stable operating performance, competitive edges from international and diversified platform, and prudent liquidity management.
Standard & Poor's Ratings Services is one of the prestigious ratings agencies with services including credit rating, independent analysis and research, investment consulting business.
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