We are reinstating our ratings on Portugal-based Haitong Bank S.A., formerly known as Banco Espirito Santo de Investimento S.A. (BESI), at 'BB-/B'. On Sept. 7, 2015, China-based Haitong Securities Co. Ltd. finalized the acquisition of BESI from Novo Banco S.A. and renamed its new subsidiary Haitong Bank. We view Haitong Bank as a "strategically important" subsidiary of Haitong Securities Co. Ltd. The positive outlook reflects our view that we might raise our long-term rating on Haitong Bank as a result of a successful business model turnaround and an improved risk profile. On Sept. 24, 2015, Standard&Poor's Ratings Services reinstated its long- and short-term counterparty credit ratings on Portugal-based Haitong Bank S.A.--formerly Banco Espirito Santo de Investimento S.A. (BESI)--at
