Fitch Upgrades CICC, Unit to A- With Stable Outlook

MT Newswires Live
06/29

Fitch Ratings upgraded China International Capital Corporation's (HKG:3908, SHA:601995) long-term issuer default rating to A- from BBB+, with a stable outlook.

The agency also upgraded the same rating for its wholly owned subsidiary, China International Capital Corporation (International), to A- from BBB+.

The ratings agency said the upgrade reflects CICC's strengthened strategic role in supporting China's capital market reforms and financial stability, underpinned by an extremely high probability of extraordinary support from the largest shareholder, Central Huijin Investment.

Fitch also cited CICC's leading investment banking franchise, expanding international footprint, improving earnings, adequate capital position, and strong liquidity as key credit strengths.

The stable outlook reflects Fitch's expectation that CICC will continue to benefit from strong shareholder support while maintaining its strategic importance to China's financial system.

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