CITIC Bank Upgraded to 'A-' by Fitch Ratings

Deep News
04/01

On April 1, Fitch Ratings released a report upgrading CITIC Bank's long-term foreign currency Issuer Default Rating (IDR) from 'BBB+' to 'A-', with a stable outlook. This marks the second upgrade for CITIC Bank by Fitch, following a previous increase from 'BBB' to 'BBB+' in 2023, and represents the highest rating level among joint-stock banks in China.

According to the Fitch report, the rating upgrade is primarily based on CITIC Bank's solid operational performance, strong shareholder support, and systemic importance.

CITIC Bank stated that it will continue to actively advance the "Five Key Financial Initiatives," further develop its value-oriented banking strategy, and accumulate new momentum for development during the "16th Five-Year Plan" period, aiming to deliver stronger operational results to investors and the capital market.

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