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Standard & Poor's credit rating upgrade

 Haitong Bank S.A. Counterparty Credit Rating
 October 10th, 2019 BB / Stable / B


As of October 10, 2019, S&P upgraded the long-term credit rating of the Bank from BB- to BB, which reflects the improvements registered in the Bank's solvency ratios and the reduction of the balance sheet risks.

The Agency affirmed the Outlook as stable, justified by the rating agency's expectation that the Bank will continue the positive developments of its business model and its sustainability.

From S&P's perspective, Haitong Bank remains a core subsidiary for the strategy of its shareholder, Haitong Securities Co. Ltd. Furthermore, the fact that Haitong Bank has been registering positive net and operational results is an additional factor that provides comfort to the rating agency.