Rural Bank’s Ratings Cut After Bad Loans Soar
A Chinese rural bank has had its credit ratings downgraded due to a surge in bad loans that wiped out its capital buffers, after the regulator ordered lenders to classify more of their overdue loans as soured assets.
The issuer rating of Guiyang Rural Commercial Bank (GRCB) was lowered by one notch to A+ from AA-, China Chengxin International Credit Rating Co. Ltd. said in a statement dated Friday. The agency also cut the ratings on two of the bank’s bonds to A from A+.
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