Bank of China (BOC), one of the country's largest lenders, said Thursday that Standard and Poor's has raised its stand-alone credit profile from bbb+ to a-.
The global rating agency also upgraded the Chinese lender's preferred stock ratings to BB+, while maintaining its long-term credit rating at A, with the outlook at "stable."
The rating upgrade reflects Standard and Poor's positive views on the bank's business operation, risk management and global strategy. BOC has overseas branches in 57 countries and regions.
Since 2011, Standard and Poor's, Fitch Ratings and Moody's have raised BOC's ratings seven times.