Moody's: assigns "Ba2 (hyb)" rating to China CITIC Bank International's proposed issuance of AT1 capital securities.

On July 15, Moody's assigned a Ba2(hyb) foreign currency preferred stock rating to China CITIC Bank International Limited (referred to as "China CITIC Bank International"), which is planning to issue non-redeemable, non-cumulative, subordinated AT1 capital securities denominated in US dollars and Renminbi. The securities have characteristics for absorbing unsustainable operating losses. The issuer may choose to cancel all or part of the distribution in the following circumstances: 1) insufficient distributable reserves; 2) regulatory instructions from the Financial Management Bureau.