Bank of Ningbo is engaged in taking in public savings; granting loans; handling domestic settlements; handling discount of negotiable instruments; issuance of financial bonds; acting as an agent for the issue and underwriting of government bonds; buying and selling government bonds; inter-bank funding; providing guarantees; acting as an agent for accounts receivable and payable, and insurance; provision of safety-deposit box service; commission loan operations; foreign exchange deposit, loan and remittance; undertaking foreign currency exchange; international settlement, foreign exchange dealings and borrwings and providing foreign exchange guarantees.
Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:
Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such independent credit ratings and research also contribute to efficiencies in fixed-income markets and other obligations, such as insurance policies and derivative transactions, by providing credible and independent assessments of credit risk.
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The general evaluation of BANK OF NINGBO CO.LTD. (CN), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was CNY 27.42 and its potential was estimated at CNY 29.11.
Larger banks (SOEs and JSBs) outperformed smaller ones (city banks and rural commercial banks) in asset quality and profit growth in 1Q20. Amid the current economic downturn, larger banks showed better NPL management ability while higher provisions offered protection from asset deterioration. Besides, larger banks showed a better ability to moderate NIM compression in the low interest environment. Upgrade the sector to MARKET WEIGHT; top pick is CCB (939 HK).
BNB achieved robust growth in revenue (+33.7% yoy) and net profit (+18.2% yoy) in 1Q20. NIM was compressed by lower market lending rate. Asset quality remained solid as its NPL ratio and provision coverage ratio maintained sector-leading positions. We narrow our valuation discount in view of BNB’s ability to deliver consistent profit growth amid weak economic conditions. Upgrade to HOLD with a higher target price of Rmb23.16. Entry price: Rmb21.05.
Rating Action: Moody's assigns Aaa to North Hempstead, NY's GO Bonds and MIG 1 BANs. Global Credit Research- 10 Jul 2020. New York, July 10, 2020-- Moody's Investors Service has assigned a Aaa rating to the Town of North Hempstead, NY's $31.2 million Public Improvement Serial Bonds- 2020 Series A and $7.5 million Public Improvement Refunding Serial Bonds- 2020 Series B. Moody's currently maintains the Aaa issuer and outstanding general obligation limited tax ratings.
Rating Action: Moody's assigns Aa2 enhanced to Genoa Central School District 1, AR's GOLT Bonds. Global Credit Research- 10 Jul 2020. New York, July 10, 2020-- Moody's Investors Service has assigned a Aa2 enhanced rating with a stable outlook to Genoa Central School District 1, AR's $5.5 million Refunding Bonds.
Rating Action: Moody's upgrades the City of Rochester, NY's 2019 Series II BANs to MIG 1. Global Credit Research- 10 Jul 2020. New York, July 10, 2020-- Moody's Investors Service has upgraded to MIG 1 from MIG 2 the rating on the City of Rochester, NY's Bond Anticipation Notes, 2019 Series II.
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