S&P rates Goldman Sachs Holdings (Hong Kong) BBB+

S&P said it assigned a BBB+ long-term and A-2 short-term issuer credit ratings to Goldman Sachs Holdings (Hong Kong) Ltd.

The outlook is stable.

The agency also said it assigned a cnA+ long-term and cnA-1 short-term Greater China regional scale ratings to the company.

The ratings reflect the company’s status as the Hong Kong holding company for the core operating subsidiaries of the Goldman Sachs group, S&P said.

The agency said it expects the Goldman Sachs group to support the operating subsidiaries of its subsidiary by injecting financial resources into Goldman Sachs Hong Kong if necessary.

But the company is structurally subordinated to the operating subsidiaries of the Goldman Sachs group, S&P said.

There is no further loss-absorbing capacity uplift in the company’s ratings, which is why Goldman Sachs Hong Kong is lower than the A group credit profile on Goldman Sachs, the agency explained.

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