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Fitch affirms China Construction Bank, Agencia En Chile

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Fitch affirms China Construction Bank, Agencia En Chile

Fitch Ratings on Nov. 30 affirmed the long- and short-term national scale ratings of China Construction Bank, Agencia En Chile at AAA(cl) and N1+(cl), respectively.

The outlook is stable.

The ratings affirmation reflects the credit risk of the company's parent, China Construction Bank Corp., China's second-biggest bank, which follows the strategy of the government of expanding financial services abroad to aid Chinese companies and the country's foreign trade, Fitch noted. The Chilean unit, which garnered authorization as a commercial bank in May 2016, is focused on the development of corporate banking and a platform for trade between China and Latin America, according to the rating agency.

Fitch said the outlook of CCB Chile rested on the international rating of the parent bank.