Bank of China Ltd. and China Construction Bank Corp. (939) were upgraded by Standard & Poor’s after the rating firm revised its criteria.

Bank of China Ltd. and China Construction Bank Corp. (939) were upgraded by Standard & Poor’s after the rating firm revised its criteria.

Ratings for the two Chinese banks were both hiked by one notch to A. Industrial & Commercial Bank of China Ltd.’s rating was maintained at A by S&P, according to a statement issued Tuesday.

At the same time, the rating firm announced to downgrade ratings for several major global banks including Bank of America, Goldman Sachs and HSBC.

S&P released its new criteria for banks’ rating on November 9, and it estimated that under the new criteria 60 percent of banks would see their ratings unchanged while 20 percent would be hiked by one notch and less than 20 percent of banks would see their ratings downgraded.

Seven U.S. banks among the 37 leading financial institutions that reviewed by S&P were downgraded.

Source:caijing