Credit-rating agency Moody’s has downgraded Bank of Communications, China’s fifth-largest lender by assets, citing its increasing reliance on pricey and volatile wholesale funding.
The agency downgraded BoCom’s baseline credit assessment one notch to Ba1 from Baa3, crossing the divide between investment grade and junk.
Moody’s downgraded its final rating on Bocom, which adds four notches to the baseline due to the agency’s assessment that the bank would likely receive a government bailout if it were in danger of default, was downgraded to A3 from A2.
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