S&P downgrades Citic, notes

S&P said it lowered its long-term corporate credit rating on Citic Ltd. and Citic Group Corp. to BBB+ from A- and affirmed the A-2 short-term corporate credit rating on Citic Group.

Concurrently, the agency lowered the issue-level ratings on both entities' senior unsecured notes to BBB+ from A-.

“We lowered the ratings following our revision on Sept. 22 of the economic risk score under our banking industry country risk assessment on China. We believe the heighted credit risk in China reduced Citic Bank's capital buffer,” S&P said in a news release.

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