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MOODY'S ASSIGNS FIRST TIME A1 RATING TO CHINA CONSTRUCTION BANK (NEW ZEALAND) LIMITED.

Summary: Moody's Investors Service has assigned A1 long-term issuer and deposit ratings

Moody's Investors Service has assigned A1 long-term issuer and deposit ratings and Prime-1 short-term issuer and

deposit ratings to China Construction Bank (New Zealand) Limited (CCBNZ),

the New Zealand subsidiary of China Construction Bank Corporation (CCB,

A1 stable). Ratings of (P) A1 were also assigned to the bank's Medium

Term Note Programme and Debt Issuance Programme.

This is the first time that Moody's has assigned ratings to CCBNZ. The

outlook on the ratings is stable.

RATINGS RATIONALE

"The A1 rating is in line with CCB's long-term deposit rating and

reflects the unconditional and irrevocable guarantee provided by CCB,"

says Daniel Yu, a Moody's Assistant Vice President and Analyst.

CCBNZ is a fully owned subsidiary of CCB. The bank offers corporate and

commercial lending, trade finance and other FX related services, with a

focus on customers with linkages between China and New Zealand.

ABOUT THE PARENT CCB

CCB's A1 rating reflects the bank's very strong franchise, very liquid

balance sheet, good capital position and strong profitability. On the

other hand, CCB's asset quality has weakened, driven by slower economic

growth in China.

CCB's long-term deposit rating of A1 incorporates a four-notch uplift

from its baa2 standalone credit profile, owing to Moody's assumption of a

very high probability of support from the Chinese government (Aa3 stable)

in the event of financial distress, given the bank's 57% government

ownership and systemic importance.

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Publication:EMBIN (Emerging Markets Business Information News)
Geographic Code:8NEWZ
Date:Apr 30, 2015
Words:255
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