HONG KONG (Standard&Poor's CreditWire) March 1, 1999--Standard&Poor's today lowered the foreign currency counterparty credit, certificate of deposit, and debt ratings on five Chinese financial institutions: Bank of China (BOC), Bank of Communications (BOCOM), China Construction Bank (CCB), China International Trust&Investment Corp. (CITIC), and Industrial&Commercial Bank of China (ICBC) (see list below). The outlook on each institution's long-term rating is negative. As a result of these rating actions, the five institutions are removed from CreditWatch Negative, where they were placed on Dec. 18, 1998. The rating revisions reflect Standard&Poor's expectation that the domestic operating environment for Chinese financial institutions will become increasingly difficult as a result of slowed economic growth and
