|Haitong Bank S.A.||Counterparty Credit Rating|
|January 16th, 2017||BB- / Stable / B|
The Standard & Poor revised the outlook of the Portuguese Financial Industry to “stable” (rather than positive). This action affected the outlooks of Haitong Bank and Haitong Banco de Investimento do Brasil that due to this fact and since they are under the Portuguese Republic outlook, also had their Outlooks revised from positive to stable.
Most major Portuguese banks are undergoing important restructuring or ownership and management changes and the banking system is now facing important challenges – turning around profitability and dealing with its high stock of problematic assets. Thus, S&P considered that Haitong Bank’s progress in reshaping its business model and returning to profitability might be affected by the circumstances and may take longer to materialize than previously expected.