Another Rural Bank’s Credit Rating Slashed
Another rural bank’s credit rating has been downgraded after a downturn in the manufacturing sector led to a rise in bad loans while tighter regulations have made it harder to disguise stressed assets.
Shandong Zouping Rural Commercial Bank Co. Ltd. had its rating lowered one notch to A+ from AA- with a negative outlook, Golden Credit Rating International Co. Ltd. said in a report released on Monday. This means while it is likely that it will be able to repay short and long-term debt, its solvency might be at risk, according to the ratings company. Secondary bonds of 2 billion yuan ($300 million) were also cut to A from A+.
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