S&P: Most Standard Charter units now have stable view

S&P Global Ratings said it revised its outlook on the Standard Chartered Bank and its operating subsidiaries to stable from positive; the outlook on the non-operating holding company, Standard Chartered plc remains stable.

At the same time, S&P affirmed the A/A-1 issuer credit ratings on Standard Chartered Bank and BBB+/A-2 issuer credit ratings on Standard Chartered plc.

In line with the outlook revision, S&P revised the long-term Greater China regional scale rating on SCB's outstanding notes to cnAA+ from cnAAA and affirmed all other long-term issue ratings on senior unsecured and hybrid capital instruments issued by SCB and SCPLC.

S&P affirmed its issuer credit ratings on the group's core subsidiaries.

“We revised the outlook on SCB and its operating subsidiaries because we think that our previously anticipated profitability recovery will be protracted,” said S&P credit analyst Hong Taik Chung in a news release. “The prolonged recovery will lead to some increased uncertainty over the efficacy of the group's strategy especially in comparison with similarly highly rated peers over the next 18-24 months.”

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