• We studied the relationship between our bank issuer credit quality testing results and the z-spreads of banks’ NCDs and found that our credit views on banks are generally aligned with those of the market.
• Based on observed data, the market spreads of banks are most sensitive to their business sizes and asset quality. The strength of the local economy and the level of fragmentation of local banking markets have a significant impact on the market spread of regional banks.
• The reported capital adequacy ratios of some regional banks may have failed to reflect their true capitalization level due to significant under-provisioning.
• Under current stable market circumstances, the use of wholesale funding doesn’t have a significant impact on the market spreads of banks.
• Although the government has a clear supportive stance toward the commercial banking industry, we believe the extent and timeliness of government support to any specific regional bank require case-by-case assessment.

2024年4月22日，标普信评评定2024年工银金融租赁有限公司金融债券（第三期）（债券通）的信用等级为AAA_spc。以下链接为相关债项信用等级通知全文。

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标普信评评定法国农业信贷银行2024年第一期人民币债券（债券通）信用等级为AAA_spc。以下链接为相关债项信用等级通知全文。