Fitch upgrades China CITIC Bank's long-term foreign currency issuer rating to "A-"

WealthCoffee · 2026-04-05T11:32:57+00:00

Fitch has upgraded China CITIC Bank's long-term foreign currency rating to "A-," tying it with China Merchants Bank as the highest-rated joint-stock commercial bank, due to the high likelihood of government support, considering its size, systemic importance, and the multiple factors related to CITIC Group's relationship with the government.

WealthCoffee

2026-04-05 11:32:57

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【Caixin Global】 After upgrading from “BBB” to “BBB+” in 2023, Fitch has recently raised China Citic Bank’s rating again, which brings it to the highest grade among joint-stock commercial banks, the same level as China Merchants Bank.

Recently, international rating agency Fitch upgraded China Citic Bank’s long-term foreign-currency issuer rating from “BBB+” to “A-,” with a stable outlook; at the same time, Fitch raised the bank’s government support rating from “bbb+” to “a-”.

In response, Fitch said there are multiple driving factors for this. First, the likelihood that the government will provide support to China Citic Bank is very high, which constitutes a driving factor behind the bank’s long-term issuer rating. Fitch said this view is based on a comprehensive assessment of multiple factors, including China Citic Bank’s scale, its inclusion in the list of domestic systemically important banks, and Citic Group’s shareholding in the bank, while Citic Group maintains close ties with the central government.

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