Caixin
Jul 12, 2018 05:04 PM
FINANCE

Another Rural Bank’s Credit Rating Slashed

Zouping Rural Commercial Bank has had its rating lowered one notch to A+ from AA-. Photo: VCG
Zouping Rural Commercial Bank has had its rating lowered one notch to A+ from AA-. Photo: VCG

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+.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.