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S&P assigns ratings to China's Orient Securities

S&P Global Ratings assigned its BBB- long- and A-3 short-term issuer credit ratings to China's Orient Securities Co. Ltd., with a stable outlook.

The rating agency said Jan. 3 that the ratings reflect the brokerage's top decile position in China's fragmented securities industry, as well as its strong capital and low leverage. On the other hand, the company's high appetite for proprietary trading compared to its peers tempers the ratings strengths, S&P said.

The agency views Orient Securities as a government-related entity with a moderate likelihood of receiving extraordinary support from the Shanghai municipal government when needed.

In addition, the rating agency lifted its assessment of the company's stand-alone credit profile to "bb+" from "bb."

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.The original S&P Global Ratings document referred to in this news brief can be found here.