Fitch affirms two China banks

Fitch Ratings said it affirmed the ratings of China Development Bank and China Minsheng Banking Corp., and upgraded China Minsheng's individual rating to D from D/E.

China Development Bank's ratings affirmed include long-term issuer default rating at A with positive outlook, short-term issuer default rating at F1, support rating at 1 and support rating floor unchanged at A.

China Minsheng Bank's ratings affirmed include individual rating at D and support rating at 4.

China Development Bank's rating is equivalent to that of the Chinese sovereign and is underpinned by its quasi-sovereign status and important role in national infrastructure development, Fitch said.

The upgrade of China Minsheng's individual rating reflects improved capitalization following a recent private placement, the agency said, and continued above-average asset quality.

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