In 1 year terms, from 120 to 152 and then drops back to +140 (down 1/3), healthy adjustment,,,,
In 6 month terms, from 130 to 152 and then adjusted 50%,,,
Look at S & P's report la,,,
HSBC ratings outlook raised to positive vs stable; ratings affirmed - S&P
December 20, 2006: 01:30 PM EST
LONDON, Dec. 20, 2006 (AFX International Focus) -- Standard & Poor's (NYSE:MHP) Ratings Services said it has raised its outlook on HSBC Holdings PLC (NYSE:HBC PRA) (NYSE:HBC) to positive from stable, reflecting the 'continuing benefits from the group's earnings diversification and its unique global reach'.
At the same time, S& affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on HSBC.
The outlooks on Hong Kong-owned subsidiaries Hang Seng Bank Ltd, and Hongkong and Shanghai Banking Corp Ltd were also raised to positive from stable, reflecting the potential for the ratings on these entities to follow the group ratings upwards to 'AA+' given the good Banking Industry Country Risk Assessment of the Hong Kong banking industry.
The ratings on these entities were also affirmed.
Credit analyst Michelle Brennan said: 'The positive outlook reflects the potential for HSBC's diversification to ensure very strong group performance even when some business lines are performing weakly.'
S&P said in considering a ratings upgrade, it will focus on the potential for continued organic growth and improved group profitability given the structural and cyclical issues currently facing some markets, particularly the UK and US consumer lending businesses, and the potential sustainability of at least moderate profitability in a major cyclical downturn.
'The outlook could be revised to stable if group risk charges rise materially (for example, if group performance is hit by a structural decline in consumer finance earnings quality) or if the risk profiles of the Asian or Latin American operations deteriorate significantly (reversing recent improvements in these environments),' said Brennan.
'No transformational or high risk acquisitions are expected,' she added.
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[ 本帖最後由 小花至愛 於 2006-12-22 08:45 PM 編輯 ]
