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S&P assigns final ratings to StanChart's new German unit

S&P Global Ratings on Dec. 21 assigned Germany-based Standard Chartered AG final A/A-1 long- and short-term issuer credit ratings, with a stable outlook.

The bank, which is being set up to ensure that British lender Standard Chartered PLC can provide banking business and other financial services across Europe after Britain's departure from the bloc, was also assigned A+/A-1 long- and short-term resolution counterparty ratings.

The ratings are similar to the preliminary ratings given by the agency to the unit in August.

The move came after the ECB approved a full banking license for the unit, the agency said, adding that it now expects the bank to be fully operational by the time the U.K. leaves the EU.

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. The original S&P Global Ratings documents referred to in this news brief can be found here.