We revised our industry risk trend for China's securities sector to stable from negative because we now see reduced risk of regulatory interventions that could undermine the creditworthiness of Chinese securities companies. We are revising our rating outlooks on China-based Haitong and its Hong Kong subsidiary HTI to stable from negative following the revision of the industry risk trend. At the same time, we are affirming our 'BBB/A-2' issuer credit ratings on both entities. In line with the outlook revision, we are raising our long-term Greater China regional scale ratings on Haitong and HTI and their outstanding notes to 'cnA' from 'cnA-'. We are affirming our 'cnA-2' short-term Greater China regional scale ratings on both the companies and all the
