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S&P changes outlook on China International Capital, Hong Kong unit

S&P Global Ratings changed the outlooks of China International Capital Corp. Ltd. and unit China International Capital Corp. (Hong Kong) Ltd to stable from positive and affirmed the companies' BBB long-term and A-2 short-term issuer credit ratings.

The outlook revision reflects the effects of China International Capital's weakened capital position due to its faster-than-expected business expansion, Ratings said Dec. 18. The company's risk-adjusted capital ratio is less likely to improve to above 15% sustainably in the next year despite the company's HK$2.5 billion private placement in October, the rating agency noted.

The stable outlook reflects Ratings expectation that China International Capital will maintain its prudent risk management and capital strength despite significant expansion in many business lines, and remain competitive in providing comprehensive services to institutional investors. The stable outlook on China International Capital (Hong Kong) reflects the outlook on its parent company, as well as Ratings' expectation that it will remain a core subsidiary of the group over the next two years.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of 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 in the sources section.