Fitch Ratings assigned first-time ratings to China Construction Bank (New Zealand) Ltd.
The rating agency said Jan. 14 that it assigned the bank long-term foreign- and local-currency ratings of A, short-term foreign- and local-currency ratings of F1+ and a support rating of 1.
The outlook on the long-term ratings is stable.
The bank's ratings reflect an extremely high likelihood of support from its parent, China Construction Bank Corp., Fitch said. It added that the parent company's long-term rating is used as the anchor rating to reflect the rating agency's view that support will flow from the Chinese government through the parent and to the unit if needed.
The stable outlook on China Construction Bank (New Zealand) reflects the stable outlook on China Construction Bank's ratings, the rating agency said.