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Fitch rates China Construction bonds BBB+
Fitch Ratings said it assigned an expected BBB+ rating to China Construction Bank Corp.’s planned offshore Basel III-compliant tier 2 subordinated bonds.
Fitch said it uses the bank’s A issuer default rating as its anchor. “The proposed bonds are notched down twice from their anchor rating to reflect high loss severity relative to senior unsecured instruments, implying a rating of BBB+.”
The proceeds will be used to increase the bank's tier 2 capital.
The outlook is stable.
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