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. On March 13, 2018, S&P Global Ratings affirmed its 'BBB' long-term
