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S&P upgrades Shanghai Rural Commercial Bank

S&P Global Ratings raised Shanghai Rural Commercial Bank Co. Ltd.'s long-term issuer credit rating to BBB from BBB-, with a stable outlook.

The rating agency said March 13 that it also raised its short-term issuer credit rating on the bank to A-2 from A-3. The outlook is stable.

The Shanghai municipal government owns more than 20% of Shanghai Rural Commercial Bank through its financial holding platform. In addition, the local government holds some additional shares of the bank via various local state-owned enterprises.

S&P said the upgrade was driven by the Shanghai municipal government's improved credit standing, which will help strengthen the local government's financial capacity to support the bank. Shanghai Rural Commercial Bank provides services to small and midsize enterprises and the rural community in Shanghai. It also serves as a fiscal account agent bank for the local government.

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