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CCB ratings unaffected by Bank of America move

(Xinhua)
Updated: 2008-05-31 10:52

Standard & Poor's Ratings Services said on Friday that its ratings on the China Construction Bank (CCB) Corp. were not affected by a recent CCB announcement about Bank of America's proposal to buy CCB shares.

CCB announced on Tuesday that the Bank of America would exercise part of its call option to buy 6 billion Hong Kong-listed CCB shares from the Central Huijin Investment at about 2.42 Hong Kong dollars ($0.31) per share.

Bank of America planned to finish the transaction on June 5, under an agreement it signed in 2005 with Central Huijin Investment, an investment arm of the Chinese government.

The transaction would reduce Huijin's CCB stake to 65.4 percent, and boost Bank of America's share to 10.75 percent from its existing 8.19 percent. The Bank of America has an option to increase its stake in CCB to as much as 19.9 percent.

Standard & Poor's said it believed Bank of America and CCB would continue their strategic partnership.