S&P: China Development unchanged

Standard & Poor's said its rating on China Development Financial Holding Corp. (BBB+/stable/A-2) and that on its subsidiary China Development Industrial Bank (CDIB, A-/stable/A-2) are not affected by the subprime-related losses at China Development holding or potential exposure to additional valuation losses if the global capital markets continue to fluctuate.

The agency said that's because it believes the group is highly likely to maintain a credit profile commensurate with the current ratings, given China Development's good capitalization and core earnings ability.

On March 24, the agency said that China Development announced that write-downs from China Development bank's subprime-related assets.

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