Tokyo -- Standard&Poor's CreditWire 3/11/98 -- Standard&Poor's today revised the outlooks on the foreign currency ratings to "negative" from "stable" for the following Chinese financial institutions: Bank of China (BOC), Bank of Communications (BoCom), Industrial&Commercial Bank of China (ICBC), and China International Trust&Investment Corp. (CITIC). At the same time, their respective long and short-term foreign currency counterparty and debt ratings were affirmed (see ratings list below). The outlook revisions reflect the potential strain these institutions face as the Chinese economy weakens. The continued economic slowdown, as evidenced by China's soft real estate market, shrinking domestic consumption, and lower foreign direct investment, will likely compound existing problems at state-owned enterprises (SOEs). This, together
