Fitch Ratings upgrades the main body credit rating of the Bank of China to BBB+.

On July 3, Fitch Ratings raised the long-term foreign currency issuer default rating of Shanghai Pudong Development Bank from BBB to BBB+, with a viability rating upgraded from bb- to bb, and a stable outlook. Fitch Ratings stated, "The upgrade of Shanghai Pudong Development Bank's long-term issuer default rating and government support rating is mainly to reflect the stronger support from the central government and the Shanghai municipal government than we previously assessed. This was well demonstrated during the bank's 2025 debt-to-equity conversion process and further strengthened the relationship between the central government and the bank. At the same time, Shanghai Pudong Development Bank's scale and retail deposit base continue to improve to levels close to higher-rated peers." Regarding the driving factors behind the upgrade of the bank's viability rating, Fitch Ratings explained that it is based on the gradual improvement in the bank's intrinsic credit condition, reflected in a more moderate risk appetite and reduced off-balance sheet activities. Despite pressure on the banking industry's overall profitability, these factors support the bank's asset quality, capital levels, and financing and liquidity.