Haitong Securities And Haitong International 'BBB/A-2' Ratings Affirmed; Outlook Stable

In our view, the credit standing of the Shanghai municipal government has improved, solidifying its financial capacity to provide extraordinary support to Haitong Securities. We continue to believe Shanghai-based Haitong Securities has a moderate likelihood of receiving extraordinary support from the government, if needed, underpinning a one-notch uplift to the stand-alone credit profile. We are affirming our 'BBB' long-term and 'A-2' short-term issuer credit ratings on Haitong Securities and its core subsidiary, Haitong international. The stable outlook reflects our expectation that Haitong Securities will maintain its stand-alone creditworthiness, and continue to benefit from a moderate likelihood of extraordinary support from the Shanghai municipal government over the next 12-24 months. HONG KONG (S&P Global Ratings) March 13, 2018--S&P Global Ratings affirmed

...+ In our view, the credit standing of the Shanghai municipal government has improved, solidifying its financial capacity to provide extraordinary support to Haitong Securities. + We continue to believe Shanghai-based Haitong Securities has a moderate likelihood of receiving extraordinary support from the government, if needed, underpinning a one-notch uplift to the stand-alone credit profile. + We are affirming our '###' long-term and 'A-2' short-term issuer credit ratings on Haitong Securities and its core subsidiary, Haitong international. + The stable outlook reflects our expectation that Haitong Securities will maintain its stand-alone creditworthiness, and continue to benefit from a moderate likelihood of extraordinary support from the Shanghai municipal government over the next 12-24 months. HONG KONG (S&P Global Ratings) March 13, 2018--S&P Global Ratings affirmed its '###' long-term and 'A-2' short-term issuer credit rating on Haitong Securities Co. Ltd. and Haitong International...

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