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China Development Group Upgraded On Improved Integration And Risk Characteristics

      2007-10-11

Standard & Poor's Ratings Services (S&P) and Taiwan Ratings Corp. (TRC) today raised their long-term counterparty credit ratings on China Development Financial Holding Corp. (CDFHC) to 'BBB+ / twAA-' from 'BBB / twA+' and their short-term credit ratings to 'A-2 / twA-1+' from 'A-3 / twA-1'. S&P and TRC also raised their long-term counterparty credit ratings on China Development Industrial Bank (CDIB) to 'A- / twAA ' from 'BBB+ / twAA-' and affirmed their 'A-2 / twA-1+' short-term credit ratings on the bank. The outlooks on the long-term ratings of both entities are stable. The rating agencies pointed out that the actions on CDFHC and CDIB reflect the CDFHC group's track record of managed growth when integrating operations amongst group members, enhancing risk characteristics of other subsidiaries and diversifying into new business/revenue sources.
 
At the same time, TRC raised its long-term counterparty credit rating on Grand Cathay Securities Corp. to 'twAA' from 'twA+' and its short-term credit rating to 'twA-1+' from 'twA-1'. The outlook on the long-term rating of Grand Cathay Securities is stable. TRC said that the rating action on the security firm reflects the likelihood of the company's growing importance to the group, as indicated by its rising level of integration and resource movement with other group members.
 
 
 
 

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