S&P affirms China Development

Standard & Poor's said it affirmed its ratings on China Development Financial Holding Corp.

The outlooks on the long-term ratings are stable.

The agency said that affected ratings include the BBB+ long-term counterparty credit rating and A-2 short-term rating on China Development Financial and the A- long-term counterparty credit rating and A-2 short-term rating on China Development Industrial Bank.

S&P noted that the ratings affirmation reflects the China Development group's strong capitalization, which provides a good buffer to a certain level of unexpected losses caused by the group's slightly volatile venture capital securities holdings amid recent global market turmoil.

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