...- China Merchants Bank Co. Ltd. (CMB) recently announced that China's top anti-graft body is investigating the bank's former president, Mr. Tian Huiyu. - The investigation could reveal weaknesses in CMB's governance and risk management, although it is still unclear if it is related to Mr. Tian's tenure as the bank's president. - We revised the outlook on CMB to developing from positive. At the same time, we affirmed our '###+' long-term and 'A-2' short-term issuer credit ratings on CMB. - The developing outlook indicates that we may raise, lower, or affirm the long-term rating on CMB over the next two years. Downside risks to our ratings could emerge if the investigation reveals significant weaknesses in CMB's governance and risk management. Conversely, we could raise our ratings if we gain confidence that CMB can sustain stronger business, funding, and risk characteristics than peers we assess at a similar risk level....
