Fitch Ratings affirmed Bank of China Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A' on 27 October and upgraded the bank's Viability Rating to 'bbb+' from 'bbb'. It also affirmed the Government Support Rating at 'a' and the Short-Term IDR. The Outlook on the Long-Term IDR is Stable.
The Viability Rating stood at 'bbb' at Fitch's previous review on 23 January 2026, when the agency took no action on it. The Long Term IDR of 'A' was also reviewed with no action on that date.
JANUARY REVIEW COVERED THE FULL RATING SET
At the same January review, Fitch took no action on the Local Currency Long Term IDR of 'A' or on the Government Support Rating of 'a'. The Short Term IDR and the Local Currency Short Term IDR were also reviewed with no action.
That review also covered the bank's Long Term IDR (xgs) of 'BBB(xgs)', on which Fitch took no action. The Short Term IDR (xgs) was likewise reviewed with no action.
GOVERNMENT SUPPORT ANCHORS THE RATING
When Fitch affirmed the Long-Term IDR at 'A' with a Stable Outlook in May 2025, it said the rating was driven by strong government support. It added that the rating was also supported by relative strengths in overseas markets, stable asset quality and steady profitability.
Fitch said at that time that it expected the bank's funding and liquidity profile to remain healthy, as it benefits from liquidity support from the authorities.
Chinese authorities designated Bank of China a domestic systemically important bank in 2021, placing it in Bucket 4, which Fitch said supports its Government Support Rating assessment. The bank was also designated a global systemically important bank in 2011.
CAPITAL, GROWTH AND FRANCHISE BACKDROP
Bank of China's common equity Tier 1 (CET1) ratio rose to 12.6% by the end of the third quarter of 2025, from 11.8% at the end of the first quarter. Fitch attributed the increase to a CNY165 billion capital injection from the Ministry of Finance in June 2025.
Fitch said the bank's franchise benefits from its relative strengths in overseas markets, giving it broader geographical diversification and more cross-border opportunities than other Chinese banks. Fitch forecasts China's GDP growth to slow to 4.1% in 2026, from 5% in both 2024 and 2025.
EARLIER WITHDRAWALS IN THE RATING HISTORY
Fitch withdrew the bank's Support Rating and Support Rating Floor on 26 November 2021. It had withdrawn the Individual Rating earlier, on 25 January 2012.