Banks' credit ratings rise

Seven mainland banks had their credit ratings raised by Standard & Poor's, which cited expected strong government support and the potential for further improvement in their financial services, the Standard of Hong Kong reported. China Construction Bank, which is planning a US$7.7 billion IPO in October, had its long-term foreign currency rating raised from BBB- to BBB+, the eighth highest of ten investment grades. Bank of China and Industrial and Commercial Bank of China, which are both planning IPOs next year, also moved up two grades to BBB+.