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S&P upgrades StanChart units in South Korea, Taiwan

S&P Global Ratings upgraded the issuer credit ratings of Standard Chartered Bank Korea Ltd. and Standard Chartered Bank (Taiwan) Ltd. to A/A-1 from A-/A-2.

The rating agency said Oct. 22 that it removed the ratings of both banks from CreditWatch.

The outlooks on the two banks are stable.

The ratings upgrade came after the completion of Standard Chartered group's transfer of ownership of the two banks to its Standard Chartered Bank (Hong Kong) Ltd. subsidiary. The ratings on the South Korean and Taiwanese units reflect their highly strategic status to its Hong Kong-based parent, the agency said.

The stable outlooks on Standard Chartered Bank Korea and Standard Chartered Bank (Taiwan) reflect the outlook on Standard Chartered Bank (Hong Kong).

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 documents referred to in this news brief can be found here and here.