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Haitong Securities And Haitong International ‘BBB/A-2’ Ratings Affirmed; Outlook Stable

หน้าแรก > ข่าวธุรกิจ > Haitong Securities And Haitong International ‘BBB/A-2’ Ratings Affirmed; Outlook Stable
ผู้โพส : Admin / วันที่โพส : 2018-03-14 11:15:06
คำค้นหา : S&P Global Ratings Keyword: S&P Standard & Poor's


Haitong Securities And Haitong International ‘BBB/A-2’ Ratings Affirmed; Outlook Stable




          HONG KONG (S&P Global Ratings) March 13, 2018--S&P Global Ratings affirmed its 'BBB' long-term and 'A-2' short-term issuer credit rating on Haitong Securities Co. Ltd. and Haitong International Securities Group Ltd. Our outlook on the long-term rating is stable. We also affirmed our ratings on all the senior unsecured debt that Haitong International issued. Haitong Securities is a China-based securities company, and Haitong International is its Hong Kong-based subsidiary.
          We affirmed our ratings on Haitong Securities because we expect the company to maintain strong capitalization, good business growth momentum, and adequate earnings over the next 24 months. These factors continue to underpin the company's 'bbb-' stand-alone credit profile (SACP). At the same time, we believe the credit standing of the Shanghai municipal government has improved, and will solidify its financial capacity to provide extraordinary support to Haitong Securities if needed. 
          In our view, robust revenue growth supported by Shanghai's strong economy will help the municipal government maintain its budget surplus and a very high debt-service coverage ratio, and stabilize its debt burden. We continue to factor in a one-notch uplift in our rating on Haitong Securities due to our assessment of a moderate likelihood of extraordinary support to the company from the Shanghai municipal government if needed. 
          Our assessment of the likelihood of government support considers Haitong Securities' strong link with and limited importance to the Shanghai government. The municipal government is the company's largest shareholder, with aggregate holdings of about 19% through a number of state-owned enterprises. The government has a solid record of supporting the distressed financial institutions that it owns. 
          While the company is one of the largest commercial securities firm in China, we believe it has limited importance to the Shanghai government. Our view takes into consideration that the company's role could be substituted by its peers in China, particularly given the securities industry is highly fragmented and competitive. 
          Haitong Securities' 2017 operating results indicate no material deviation to our previous expectation and industry trends. The company preliminarily announced marginal revenue growth in 2017. Net profits attributable to shareholders in 2017 rose 7.04% year on year to Chinese renminbi (RMB) 8.61 billion, mainly due to effective cost controls, in our view. 
          We assess Haitong International as a core subsidiary of Haitong Securities and therefore equalize our rating with that on its parent. Our assessment of Haitong International's group status reflects the company's key role within, and meaningful business contribution to, the wider parent group. 
          In 2017, Haitong Securities consolidated its overseas investment banking business by transferring the investment banking arms of Haitong Bank in the U.K. and U.S. to Haitong International. The move supports our view that Haitong International serves as the key platform for the group in the offshore capital markets and in carrying out the group's strategy of becoming a global player. 
          The stable outlook on Haitong Securities reflects our expectation that the company will maintain a risk-adjusted RAC ratio of between 10% and 15% over the next 24 months. We also expect the company to maintain its leading market position in China's securities sector and remain a government-related entity of the Shanghai government. 
          The stable outlook on Haitong International reflects the outlook on Haitong Securities, and our expectation that Haitong International will remain as a core subsidiary of Haitong Securities over the next two years. Therefore, the ratings on the two entities move in tandem. 
          We could lower the ratings if Haitong Securities' SACP weakens, which could occur if: (1) the RAC ratio falls below 10% in the next two years; or (2) the company adopts a more aggressive risk appetite and significantly increases its alternative investments or private equity investments, or undertakes risky overseas business. 
          We will downgrade Haitong International if we lower the rating on Haitong Securities. Additionally, we could downgrade Haitong International if we see signs that the company is diverging from its parent's strategies and if Haitong International's strategic importance to Haitong Securities diminishes substantially.
          We may upgrade Haitong Securities if we expect the company's RAC ratio to stay above 15%, and steady improvement in the company's risk management capacity provides adequate support to its risk profile. 
          We will raise the rating on Haitong International if we upgrade Haitong Securities.
 
 
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