S&P ups Standard Chartered

Standard & Poor's said it raised the local- and foreign-currency long-term counterparty credit ratings on Standard Chartered Bank (China) Ltd. and Hang Seng Bank (China) Ltd. to A+ from A.

The A-1 short-term counterparty credit ratings were affirmed.

The outlook is stable.

According to S&P, the upgrade follows a corresponding upgrade on the sovereign credit ratings on the People's Republic of China (A+/stable/A-1+).

Ratings reflect the banks' positions as core subsidiaries under their respective parent groups, Standard Chartered Bank (A+/stable/A-1) and Hang Seng Bank Ltd. (AA/stable/A-1+).

Ratings are constrained by the banking industry country risks related to the Chinese operating environment, denoted by the sovereign rating on China.

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