China International Trust & Investment Corporation (Citic), one of Beijing's largest investment arms, and the Bank of Communications, had their ratings downgraded below investment-grade level to junk status, media reports said.Ratings on three of China's largest four state banks - Bank of China, China Construction Bank and Industrial and Commercial Bank of China - were cut to the lowest investment grade.

The US-based Standardand Poor's (S&P) said the downgrades were triggered by China's slowing economic growth and corporate restructuring which had made the domestic operating environment increasingly difficult for financial institutions. The outlook on each institution's long-term rating was revised to negative, Hong Kong's South China MorningPost reported, quoting S&P. (PTI)