Banking outlook weakens to negative
Print Edition
MOODY’S yesterday downgraded China’s banking system outlook to negative from stable following a weakening in the banks’ operating environment and asset quality.
“The negative outlook reflects that overall creditworthiness will deteriorate in the next 12 to 18 months,” Moody’s said in an e-mailed report yesterday. “Negative trends are intensifying as China’s economic growth slows.”
The report assumes that China’s real economic growth will ease to 6.3 percent next year from 6.8 percent this year amid slowing exports, investment and employment expansion.
Deterioration in asset quality is expected to gather pace because bad loans are rising in the wholesale, retail and manufacturing industries, said Moody’s. It noted that loans overdue for over 90 days are rising and not classified as problem loans yet, which pushed up the rate of real bad loans.
The report was based on a rating of the 19 banks that took up 67 percent of total assets in the financial system as of June 30.
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