|Haitong Bank, S.A.||Counterparty Credit Rating|
|October 28th, 2021||BB / Stable / B|
On October 28, 2021, Standard & Poor’s (“S&P”) revised its rating Outlook upward from “Negative” to “Stable” and reaffirmed the Bank’s long-term credit rating at “BB” and the short-term credit rating at “B”.
According to S&P, the Outlook revision to “Stable” recognizes the Bank's resilience amid the pandemic and easing operating risks in the Portuguese banking system. S&P took a positive view of the Bank's management's continued efforts 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 is that the continuous support from the Bank’s 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.