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S&P assigns ratings to China Guangfa Bank

S&P Global Ratings assigned China Guangfa Bank Co. Ltd. a long-term issuer credit rating of BBB-, with a stable outlook.

The rating agency said Jan. 3 that it also assigned the bank a short-term issuer credit rating of A-3.

The ratings reflect the rating agency's view that the bank has a moderately high likelihood of receiving extraordinary government support, as well as the lender's satisfactory business position, funding and liquidity, Ratings said.

The bank's strengths are offset by its moderate capital strength and profitability, as well as its developing risk management capability, the rating agency added.

Meanwhile, the stable outlook on the Chinese bank reflects Ratings' expectation that the lender will maintain its market position and franchise in the credit card sector over the next 24 months.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.The original S&P Global Ratings document referred to in this news brief can be found here.