S&P ups China Development outlook to positive

Standard & Poor's said it revised the outlook on its long-term counterparty credit ratings on China Development Financial Holding Corp. and China Development Industrial Bank to positive from stable.

At the same time, the ratings on China Development Financial (BBB/A-3) and China Development Industrial Bank (BBB+/A-2) were affirmed.

The agency said that the positive outlook reflects the expectation that the China Development Financial group's fundamentals are likely to continue to strengthen, underpinned by smooth integration between the bank and Grand Cathay Securities Corp.

S&P noted that the financial profile of the holding company is adequate, stating that at the end of March, China Development's double leverage was about 110% and its debt ratio was about 12%.

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