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Moody’s downgrades China’s fifth-largest bank to junk

Credit-rating agency Moody’s has downgraded Bank of Communications, China’s fifth-largest lender by assets, to junk status citing its increasing reliance on pricey and volatile wholesale funding.

The agency downgraded BoCom’s baseline credit assessment one notch to Ba1 from Baa3, crossing the divide between investment grade and junk.

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