Several small Chinese banks downgraded as non-performing loans rise, regulators pledge to spare no effort to tackle financial risks
STOCKS
Several small Chinese banks downgraded as non-performing loans rise, regulators pledge to spare no effort to tackle financial risks
STOCKS

Several small Chinese banks downgraded as non-performing loans rise, regulators pledge to spare no effort to tackle financial risks

 

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The credit ratings of eight small and medium-size Chinese banks were downgraded by a major rating agency in China citing increasing non-performing loans and weakening profitability among other risks.

One of the downgraded banks is Shengjing Bank Co. Ltd., a lender associated with debt-plagued developer China Evergrande Group, according to a report by China Lianhe Credit Rating Co. Ltd. The rating agency lowered the rating of Shengjing Bank to AA+ from AAA, citing an increase in non-performing loans and deteriorating quality of credit assets amid the ongoing Covid-19 pandemic and . . .

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