S&P upgrades Citic Securities

S&P said it raised the long-term issuer credit ratings on Citic Securities Co. Ltd. and Citic Securities International Co. Ltd. to BBB+ from BBB.

The outlook is stable.

At the same time, the agency affirmed the A-2 short-term issuer credit ratings on both companies.

S&P also raised the rating on the senior unsecured debt issued by Citic Securities Finance MTN Co. Ltd. to BBB+ from BBB.

In addition, the agency affirmed the A issue rating on Citic’s $800 million bonds supported by the Bank of China Ltd.'s standby letter of credit.

The upgrade reflects a view that the company’s principal risk management is strong, as reflected in its good loss experience, financial performance and conservative investment policy, S&P said.

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