S&P boosts banks' ratings

Standard & Poors declared Bank of China and China Construction Bank technically solvent, the decision coming after the banks had sold off overhanging bad loan assets and received massive capital injections from the central government. Both banks had their long-term foreign currency counterparty credit ratings raised from "BBB-" to "BB+", S&P's lowest investment-grade rating. Moody's raised the long-term foreign currency debt ratings of BOC and CCB from "Baa1" to "A2" last October. Fitch followed in January, assigning BOC a long-term foreign currency debt rating of "BBB+".