On Sept. 21, 2017, we lowered our sovereign credit ratings on China to 'A+/A-1' from 'AA-/A-1+'. Consequently, we are lowering our ratings on DBS China, Hang Seng China and HSBC China to 'A+/A-1' from 'AA-/A-1+'. We believe these banks, which primarily operate in China, are unlikely to avoid default if China defaulted on its sovereign debt. Therefore, our ratings on these banks are capped by our sovereign rating on China. Our outlook on these banks is stable, reflecting our rating outlook on China. On Sept. 21, 2017, S&P Global Ratings took the following ratings actions on three foreign banks in China following our downgrade on China. DBS Bank (China) Ltd.-- we have lowered our long-term credit rating to 'A+' from
