Research Update: Haitong Bank Outlook Revised To Developing From Negative After Similar Action On Parent, 'BB/B' Ratings Affirmed

A potential merger between Haitong Securities Co. Ltd. (HTS) and Guotai Junan Securities Co. Ltd. (GTJA), as announced on Sept. 5, 2024, remains uncertain and could have various implications for their subsidiaries if it was to materialize. We therefore revised our outlook on HTS' Portuguese subsidiary, Haitong Bank, to developing from negative and affirmed the ratings at 'BB/B'. The developing outlook reflects that we could affirm, lower, or raise our ratings on Haitong Bank over the next 12 months, depending on the execution of the merger and its outcome. On Sept. 17, 2024, S&P Global Ratings revised to developing from negative the outlook on its long-term issuer credit rating on Haitong Bank S.A (HB). At the same time, we affirmed

...- A potential merger between Haitong Securities Co. Ltd. (HTS) and Guotai Junan Securities Co. Ltd. (GTJA), as announced on Sept. 5, 2024, remains uncertain and could have various implications for their subsidiaries if it was to materialize. - We therefore revised our outlook on HTS' Portuguese subsidiary, Haitong Bank, to developing from negative and affirmed the ratings at '##/B'. - The developing outlook reflects that we could affirm, lower, or raise our ratings on Haitong Bank over the next 12 months, depending on the execution of the merger and its outcome....

Research Update