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Moody’s revises Everbright Securities to positive
Moody's Investors Service said it affirmed Everbright Securities Co. Ltd.’s Baa3/P-3 issuer ratings and changed the outlook to positive from stable.
The agency also affirmed Everbright Sun Hung Kai Co. Ltd.’s and China Everbright Ltd.’s issuer ratings at Baa3/P-3 and Baa2/P-2, respectively. The outlooks are stable.
At the same time, Moody's said it withdrew the outlooks on Everbright Securities' and Everbright Sun Hung Kai's long-term issuer ratings for business reasons.
Moody's said the actions follow the change of outlook to positive from stable and the affirmation of the Baa2 deposit rating of the three companies' affiliate, China Everbright Bank Co. Ltd. (Baa2 positive, baseline credit assessment ba2) on May 30.
“The change of outlook to positive from stable for Everbright Securities and the affirmation of its Baa3/P-3 issuer ratings reflect: 1) the company's improved risk management and liquidity profile, and less volatile pretax earnings over the past few years; and 2) the improvement of the standalone BCA of China Everbright Bank, which could enhance the affiliate support to Everbright Securities in times of stress,” the agency said in a news release.
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