|Haitong Bank S.A.||Counterparty Credit Rating|
|April 8th, 2020||BB / Negative / B|
As of April 8th, 2020, S&P announced a revision of the Bank’s Outlook from “Stable” to “Negative”. S&P reaffirms that the long-term credit rating remained at “BB” and the short-term credit rating at “B”.
According to S&P, this Outlook revision derives from the current situation originated by the COVID-19 pandemic, and is aligned with the decision taken for other Portuguese banks. According to S&P, this health crisis, which could last longer and be more widespread than currently envisaged, should continue adding pressure on revenue sources and credit losses, which S&P believes might amplify downside risks for Haitong Bank.