S&P lifts Citic Group

S&P said it raised its long-term issuer credit rating on Citic Group Corp. and its core subsidiaries, Citic Ltd. and China Citic Bank Corp. Ltd. (CNCB) to A- from BBB+.

S&P also raised the long-term issuer credit rating to BBB+ from BBB on CNCB (Hong Kong) Investment Ltd., the highly strategic subsidiary of CNCB.

The outlook is stable.

“The capital strength of Citic Group is improving as the group benefits from risk management efforts amid growth of its main operating entities. We expect the group to maintain adequate liquidity buffers at the holding companies,” S&P said in a news release.

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