Fitch Ratings has assigned ex-government support or 'xgs' ratings to
Fitch has assigned ex-government support ratings, where an 'xgs' suffix is added to the corresponding existing rating, to banks that are not rated as public-sector policy banks and that have Long-Term Issuer Default Ratings (IDRs) that incorporate assumptions of government support.
This rating action follows the publication of Fitch's Bank Ex-Government Support Ratings Criteria on
Key Rating Drivers
The ex-government support ratings exclude assumptions of extraordinary government support from the underlying ratings.
The Foreign Currency (FC) Long-Term IDR (xgs) of the following subsidiary banks has been assigned at the higher of their Viability Ratings (VRs) and the rating obtained by notching from the parent banks' Long-Term IDRs (xgs) in accordance with the shareholder support notching considerations as outlined in the relevant Master Criteria.
Banco BOCOM BBM
Local Currency (LC) LT IDR (xgs) of Banco BOCOM BBM has been assigned in line with the Long-Term IDR (xgs).
Short-Term Foreign and Local Currency IDRs (xgs) have been assigned in accordance with the respective Long-Term Foreign and Local Currency IDRs (xgs) and Fitch's short-term rating mapping, taking into account the respective parents' Short-Term IDRs (xgs).
The ex-government support ratings of ICBC Pan are aligned with ex-government ratings of
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
The Long-Term IDRs (xgs) of Banco BOCOM BBM and
The Long-Term IDR (xgs) of ICBC Pan would be downgraded if the Long-Term IDR (xgs) of
Short-term ex-government support ratings are primarily sensitive to changes in the long-term ex-government support ratings and could be downgraded if the latter are downgraded and the new long-term ratings map to lower short-term ratings in accordance with Fitch's criteria.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
An upgrade of the Long-Term IDRs (xgs) of Banco BOCOM BBM would require an upgrade of the parent bank's Long-Term IDR (xgs) and, in case of FC Long-Term IDR (xgs), an upgrade of
An upgrade of the Long-Term IDR (xgs) of
The Long-Term IDR (xgs) of ICBC Pan would be upgraded if the Long-Term IDR (xgs) of
Short-term ex-government support ratings are primarily sensitive to changes in the long-term ex-government support ratings and could be upgraded if the latter are upgraded and the new long-term ratings map to higher short-term ratings in accordance with Fitch's criteria.
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
The ratings of
The ratings of
The ratings of ICBC Pan are derived from the ratings of its head office
ESG CONSIDERATIONS
ESG considerations have remained unchanged since the last rating review. Please refer to the corresponding latest Rating Action Commentary published on www.fitchratings.com for the ESG Relevance Scores. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg
RATING ACTIONS
Entity / Debt
Rating
LT IDR (xgs)
BB(xgs)
New Rating
LC ST IDR (xgs)
B(xgs)
New Rating
LC LT IDR (xgs)
BB(xgs)
New Rating
ST IDR (xgs)
B(xgs)
New Rating
LT IDR (xgs)
BBB(xgs)
New Rating
ST IDR (xgs)
F3(xgs)
New Rating
LT IDR (xgs)
B-(xgs)
New Rating
ST IDR (xgs)
B(xgs)
New Rating
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.
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