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S&P reaffirms Haitong Bank's rating and Outlook

 Haitong Bank, S.A. Counterparty Credit Rating

 October 28, 2021

BB / Stable / B

September 16, 2022

BB / Stable / B


On September 16, 2022, S&P reaffirmed the Bank's long-term credit rating at "BB" and its "Stable" outlook.

In October 2021, S&P had revised Haitong Bank’s rating Outlook upward from "Negative" to "Stable" and reaffirmed the Bank's long-term credit rating at “BB”.

According to S&P, the upward outlook revision recognized the Bank's resilience amid the pandemic and easing operating risks in the Portuguese banking system. S&P took a positive view of the continued efforts of the Bank's management to strengthen the domestic franchise, rebalance its funding profile, and develop its cross-border activity with Chinese customers to diversify its revenue base and to sustain and provide better stability to its operating profitability. Finally, S&P's belief was that the continuous support from the parent company will continue to sustain Haitong Bank's credit profile in the coming years while it remains focused on the ongoing restructuring of its operating model.