(ADPnews) - Dec 17, 2010 - S&P on Thursday upgraded the Chinese units of French BNP Paribas (EPA:BNP) and Hong Kong-based Hang Seng Bank (HKG:0011) to reflect the same action it took on the People's Republic of China.
The two banks now bear long-term ratings of AA-, denoting "very strong" credit quality and matching the enhanced creditworthiness of China, given its commitment to financial stability and lower macroeconomic pressure. Besides, their long-term rating are unlikely to change over the medium term as seen in their "stable" outlooks, which mirror China's outlook.
The banks' short-term ratings were also raised to the …
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