Zhongtai Sec has a midmarket position with some geographic concentration, strong capitalization, and adequate risk management commensurate with its business sophistication, in our view. The Shandong-based securities firm has a very strong link to the provincial government. We are assigning our 'BBB-' long-term and 'A-3' short-term issuer credit ratings to Zhongtai Sec. The stable outlook on Zhongtai Sec reflects our expectation that the company will maintain its current market position, commensurate risk management for its business profile, and conservative leverage. On July 30, 2020, S&P Global Ratings assigned its 'BBB-' long-term issuer credit rating and 'A-3' short-term issuer credit rating to China-based Zhongtai Securities Co. Ltd. (Zhongtai Sec). The outlook on the long-term rating is stable. Our ratings on Zhongtai
