S&P Global Ratings on Aug. 7 affirmed Standard Chartered Bank's A/A-1 long- and short-term issuer credit ratings, and Standard Chartered Bank (Hong Kong) Ltd.'s A+/A-1 long- and short-term issuer credit ratings.
The outlooks on the banks' long-term issuer credit ratings are stable.
The agency also affirmed the British lender's A/A-1 long- and short-term certificate of deposit and the Hong Kong-based bank's A+ senior unsecured debt rating.
Moreover, the rating agency affirmed the A+/A-1 long- and short-term issuer credit ratings of Standard Chartered Bank (China) Ltd., with a stable outlook. It also placed the A-/A-2 long- and short-term issuer credit ratings on Standard Chartered Bank Korea Ltd. on CreditWatch with positive implications.
The ratings actions follow Standard Chartered group's Aug. 1 results announcement in which it indicated that it partially completed its internal restructuring to form Standard Chartered Bank (Hong Kong) as a regional hub, the agency said.
The Hong Kong-based entity became a wholly owned subsidiary of the group and assumed the ownership of Standard Chartered Bank (China). The group is also seeking regulatory approval to move Standard Chartered Bank (Taiwan) Ltd. and Standard Chartered Bank Korea under the regional hub's direct ownership, Ratings said.
The ratings reflect the agency's view that Standard Chartered Bank will remain a core subsidiary for the group upon the completion of the restructuring. Furthermore, they reflect the agency's expectations that the British- and Hong Kong-based regional hubs will be given critical importance by the group.
The ratings on Standard Chartered PLC, the main nonoperating holding company of the group, remain unaffected.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.