The emerging economic downturn linked to the COVID-19 pandemic will add pressure on revenue sources and credit losses, amplifying downside risks for Haitong Bank S.A. As the pandemic might last longer and be more widespread than we currently envisage, Haitong Bank's profitability and credit quality could deteriorate beyond our expectations. We are therefore revising our outlook on Haitong Bank to negative from stable. We are affirming our 'BB' long-term issuer credit rating and 'B' short-term rating. The negative outlook reflects the possibility of a downgrade if the bank's risk or financial profile deteriorate meaningfully. On April 8, 2020, S&P Global Ratings revised the outlook on Portugal-based Haitong Bank to negative from stable. We affirmed our 'BB/B' long- and short-term issuer
