Shanghai Pudong Development Bank (SPDB) has hit out at the ratings of its financial health by US credit-rating agency Moody's Investors Service, saying they are unacceptable and inaccurate. The city's only home-grown bank said Moody's lacked a thorough understanding of the country's banking system, especially the state of financial reforms. SPDB said Moody's did not have complete credit information or understanding of its operations, so its assessment lacked objectivity. Deputy bank president Tan Yi said the rating would not affect the bank's plans to list by the end of the year, which would be the biggest initial public offer on the mainland's stock markets. On Tuesday, Moody's assigned ratings of Ba1 and Not Prime for the bank's long-term and short-term foreign currency-deposits and an E-plus for its financial strength. Shenzhen Development Bank and China Everbright Bank were also given low ratings. The agency said the ratings were based on the deteriorating economic environment, the banks' short history and their unproven record in dealing with severe market conditions. 'We regret Moody's move and cannot accept its rating conclusions,' SPDB said. The bank said the mainland achieved rapid economic growth in the past few years and its half-year rate of 7 per cent was impressive, especially as much of Asia was savaged by the financial crisis. In financial reforms, it said the pace of bank commercialisation in the country had quickened while the central bank had acted to strengthen its supervisory ability to control financial risk. The bank said it had benefited from the development of Pudong in eastern Shanghai. The area has become a growth engine for the Yangtze River Delta and the entire country. Founded in early 1993, SPDB had by the end of last year accumulated assets of 82 billion yuan (about HK$76.33 billion), shareholders' funds of four billion yuan and for three consecutive years had dividend returns exceeding 20 per cent. Last year, its profit was 1.34 billion yuan, making it the country's eighth-most profitable domestic bank.