Haitong Securities 'BBB' Ratings Affirmed On Cancellation Of Share Repurchase; Outlook Remains Negative; SACP Raised

On Dec. 22, 2015, HTS announced that it is cancelling its share repurchase plan. We therefore raised our forward-looking capital assessment, which has resulted in a higher SACP of 'bbb' from 'bbb-'. Our assessment of potential extraordinary support to HTS from the Shanghai municipal government remains unchanged. Also, we expect HTI to remain a core subsidiary of HTS. We are affirming our 'BBB' long-term and 'A-2' short-term issuer credit ratings on HTS and HTI. We are also affirming our 'cnA-' long-term and 'cnA-2' short-term Greater China regional scale ratings on the China-based securities firm and its Hong Kong-based subsidiary. The negative outlook continues to primarily reflect our view of a negative economic risk trend and heightening industry risk for the

...+ On Dec. 22, 2015, HTS announced that it is cancelling its share repurchase plan. We therefore raised our forward-looking capital assessment, which has resulted in a higher SACP of '###' from '###-'. + Our assessment of potential extraordinary support to HTS from the Shanghai municipal government remains unchanged. Also, we expect HTI to remain a core subsidiary of HTS. + We are affirming our '###' long-term and 'A-2' short-term issuer credit ratings on HTS and HTI. We are also affirming our 'cnA-' long-term and 'cnA-2' short-term Greater China regional scale ratings on the China-based securities firm and its Hong Kong-based subsidiary. + The negative outlook continues to primarily reflect our view of a negative economic risk trend and heightening industry risk for the securities sector in China. HONG KONG (Standard & Poor's) Dec. 24, 2015--Standard & Poor's Ratings Services said today that it had affirmed its '###' long-term and 'A-2' short-term issuer credit ratings on China-based Haitong...

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