Portugal-Based Haitong Bank S.A. Ratings Reinstated At 'BB-/B'; Outlook Positive

We are reinstating our ratings on Portugal-based Haitong Bank S.A., formerly known as Banco Espirito Santo de Investimento S.A. (BESI), at 'BB-/B'. On Sept. 7, 2015, China-based Haitong Securities Co. Ltd. finalized the acquisition of BESI from Novo Banco S.A. and renamed its new subsidiary Haitong Bank. We view Haitong Bank as a "strategically important" subsidiary of Haitong Securities Co. Ltd. The positive outlook reflects our view that we might raise our long-term rating on Haitong Bank as a result of a successful business model turnaround and an improved risk profile. MADRID (Standard&Poor's) Sept. 24, 2015--Standard&Poor's Ratings Services today said it reinstated its long- and short-term counterparty credit ratings on Portugal-based Haitong Bank S.A.--formerly Banco Espirito

...+ We are reinstating our ratings on Portugal-based Haitong Bank S.A., formerly known as Banco Espirito Santo de Investimento S.A. (BESI), at '##-/B'. + On Sept. 7, 2015, China-based Haitong Securities Co. Ltd. finalized the acquisition of BESI from Novo Banco S.A. and renamed its new subsidiary Haitong Bank. + We view Haitong Bank as a "strategically important" subsidiary of Haitong Securities Co. Ltd. + The positive outlook reflects our view that we might raise our long-term rating on Haitong Bank as a result of a successful business model turnaround and an improved risk profile. MADRID (Standard & Poor's) Sept. 24, 2015--Standard & Poor's Ratings Services today said it reinstated its long- and short-term counterparty credit ratings on Portugal-based Haitong Bank S.A.--formerly Banco Espirito Santo de Investimento S.A. (BESI)--at '##-/B'. The outlook is positive. The rating action follows the recent announcement by China-based Haitong Securities Co. Ltd. (###/Negative/A-2) that it has...

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