We expect China Cinda's planned RMB30 billion preference share issuance to replenish its capitalization. The relative strength of newly-acquired bank Nanyang Commercial Bank also supports China Cinda's credit profile. We view Cinda HK as a core subsidiary of the group. We are affirming our 'A-' long-term and 'A-2' short-term issuer credit ratings and 'cnAA' long-term and 'cnA-1' short-term Greater China regional scale ratings on China Cinda. We are also raising the long-term issuer credit rating on Cinda HK to 'A-' from 'BBB+', and affirming the 'A-2' short-term issuer credit rating. We are removing all the ratings from CreditWatch. On June 29, 2016, S&P Global Ratings affirmed its 'A-' long-term and 'A-2' short-term issuer credit ratings and 'cnAA' long-term and 'cnA-1'
