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S&P lifts Citic view to stable
S&P said it revised the outlook on the long-term ratings on Citic Securities Co. Ltd. and its Hong Kong subsidiary, Citic Securities International Co. Ltd., to stable from negative.
The agency also said it affirmed the company’s BBB long-term and A-2 short-term issuer credit ratings on both companies.
S&P said it raised the long-term Greater China regional scale ratings on both companies to cnA from cnA-, along with their outstanding notes to cnA from cnA-.
The agency also said it affirmed their cnA-2 short-term Greater China regional scale ratings.
The outlook revision reflects the company’s improving risk governance, which is likely to offset potential adverse regulatory developments that could hurt the credit profiles of Chinese securities firms over the next 12- to 24-months, S&P said.
The company’s new leadership team is expected to uphold risk governance as a top priority to put the company in a good position to meet new rules under the current shifting regulatory landscape, the agency said.
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