|Haitong Bank S.A.||Counterparty Credit Rating|
|February 8th, 2018||BB- / Stable / B|
On February 8, 2018, S&P revised Haitong Bank’s outlook to stable from negative, and maintained its long- and short-term rating on BB- and B, respectively. S&P sees the potential for further creditworthiness deterioration as limited over the next 12 months. The stable outlook reflects S&P’s expectation that the bank’s revised strategy could form the basis of a more durable operating model, and potentially improve its financial profile.