We expect Huatai Securities to maintain its strong market position and capitalization over the next 24 months. We also expect the company to maintain its very strong link with the Jiangsu government. We believe the Jiangsu government's credit profile has improved, enhancing Jiangsu SASAC's ability to provide extraordinary support to Huatai Securities. However, the improvement of the government's ability to support, by itself, is not sufficient to significantly change Huatai Securities' credit profile. We are affirming our 'BBB' long-term and 'A-2' short-term issuer credit rating on Huatai Securities. The stable outlook reflects our expectation that Huatai Securities will maintain its leading position in most businesses, sound risk management, solid capitalization, and moderately high likelihood of government support over the next
