On July 1, 2004, Standard&Poor's Ratings Services assigned its 'A/A-1' long- and short-term counterparty credit and certificate of deposit ratings to Standard Chartered Bank (Hong Kong) Ltd. (SCBHK). The outlook is stable. SCBHK is rated the same as its 100% owner, Standard Chartered Bank (SCB; A/Stable/A-1). The ratings on SCBHK reflect its status as a core subsidiary of SCB. As of July 1, 2004, SCBHK incorporates all the Hong Kong activities of SCB. Hong Kong remains the largest single market for the SCB group, and has a key role to play in the group's expansion in Greater China. SCBHK is therefore an important determinant of overall group creditworthiness. SCB previously operated in Hong Kong on a branch basis,
