The ultimate ownership of the Shanghai municipal government in Haitong Securities Co. Ltd. (Haitong) is expected to rise to at least 25% from 21% following the company's private placement. We have therefore revised our assessment of the likelihood of extraordinary government support to Haitong to moderately high from moderate. We are affirming our 'BBB' long-term and 'A-2' short-term issuer credit ratings on Haitong and its core subsidiary Haitong International Securities Group Ltd. (HTI). We are also affirming the issue ratings on the notes the companies issued or guarantee. The stable outlook reflects our view that Haitong will maintain its solid capitalization and adequate risk appetite and loss experience over the next 24 months. On July 31, 2020, S&P Global Ratings
