Fitch rates China Construction Bank branch A

Fitch Ratings said it assigned a first-time long-term issuer default rating of A to China Construction Bank (New Zealand) Ltd.

Fitch also assigned a long-term rating of A to CCB New Zealand’s debt issuance program and senior unsecured debt.

The ratings reflect an extremely high likelihood of support from its parent, China Construction Bank Corp. CCB’s long-term IDR is used as the anchor rating to reflect Fitch’s view support will flow from the Chinese government through the parent and to the branch if required.

Fitch’s view reflects that CCB has provided a deed of guarantee whereby it irrevocably and unconditionally guarantees payment to all unsecured creditors of CCB New Zealand. The guarantee has no expiration date. The stable outlook reflects the stable outlook on CCB’s ratings.

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