Fitch Ratings: Upgrades long-term foreign issuer rating of China Merchants Bank (600000.SH) to "BBB+" with a "Stable" outlook.

On July 3, Fitch Ratings raised the long-term issuer default rating (IDR) of Shanghai Pudong Development Bank Co., Ltd. (referred to as "SPDB" 600000.SH) from "BBB" to "BBB+" with a stable outlook. Fitch also raised the bank's government support rating (GSR) from "bbb" to "bbb+", short-term IDR from "F2" to "F1", viability rating (VR) from "bb-" to "bb", and long-term IDR (xgs) from "BB-(xgs)" to "BB(xgs)". The assigned viability rating is consistent with the implied viability rating.