We are revising the outlook on Hang Seng China to negative from stable, following a similar sovereign rating action on China. This reflects our view that Hang Seng China, which primarily operates in China, is unlikely to withstand the stress associated with a sovereign default. We are affirming the 'AA-/A-1+' issuer credit ratings and 'cnAAA/cnA-1+' Greater China regional scale ratings on the China-based bank. On April 1, 2016, Standard&Poor's Ratings Services revised the outlook on Hang Seng Bank (China) Ltd. to negative from stable. At the same time, we affirmed the 'AA-' long-term and 'A-1+' short-term issuer credit ratings. We also affirmed the 'cnAAA' long-term and 'cnA-1+' short-term Greater China regional scale ratings on the China-based bank. We
