Zhongtai Securities Co. Ltd.(Zhongtai Sec) faces an above-average risk of financial performance volatility as a result of the high appetite for risk in its equity portfolio. On July 28, S&P Global Ratings revised its assessment of the company's risk position to moderate from adequate, and lowered the stand-alone credit profile (SACP) to 'bb' from 'bb+'. We affirmed our 'BBB-' long-term and 'A-3' short-term issuer credit ratings on the company. The stable outlook reflects our expectation that Zhongtai Sec can maintain its business profile, capital buffers, and likelihood of extraordinary government support over the next 24 months. On July 28, 2023, S&P Global Ratings affirmed its 'BBB-' long-term and 'A-3' short-term issuer credit ratings on Zhongtai Sec. The outlook on the
