綠地集團 Greenland 5.875% 7/3/2024

Greenland bond quotation link:
Offer Circular

绿地控股股份有限公司（上市公司简称：绿地控股，上市公司代码：600606）是一家由上海市国有资产监督管理委员会监管的特大型混合所有制企业，创立于1992年7月18日，总部设立于中国上海。
成立23年来，绿地已在全球范围内形成了“以房地产开发为主业，大基建、大金融、大消费等新兴产业并举发展”的多元格局，坚定实施资本化、公众化、国际化发展战略，旗下企业及项目遍及北京、上海、广州等80多个中国城市以及美国、英国、德国、澳大利亚、加拿大、韩国、泰国、马来西亚等海外九国十二城，实现了国内A股整体上市（600606.SH）及部分资产香港H股上市（00337.HK 01365.HK），构筑起境内外资源整合的资本平台，位列2015年《财富》世界企业500强第258位。
未来，绿地集团将以整体上市为契机，借助资本市场的力量，加快企业创新转型，不断将绿地打造成一家主业突出、多元发展、全球经营、产融结合，并在房地产、金融、地铁等多个行业具有领先优势的本土跨国公司，努力从“中国的绿地”转变为“世界的绿地”。

陽光人壽保險 4.5% 4/20/2026

ISIN:XS1394990003

陽光保險集團股份有限公司

1.      國內七大保險集團之一，成立於2005年7月

2.      集團註冊資本金67.1059億元人民幣

3.      由中國石油化工集團公司、中國南方航空集團公司、中國鋁業公司、中國外運長航集團有限公司、廣東電力發展股份有限公司等大型企業集團發起組建

4.      子公司包括陽光財產保險股份有限公司、陽光人壽保險股份有限公司、陽光資產管理股份有限公司等子公司

5.      主要經營財產保險業務的全國性保險公司和人壽保險、健康保險和意外傷害保險等人身險業務的全國性專業壽險公司

6.      陽光保險集團股份有限公司是中國500強、中國服務業100強企業

陽光人壽保險

1.      成立於2007年12月

2.      主要經營人壽保險、健康保險和意外傷害保險等人身險業務的全國性專業壽險公司

3.      註冊資本金91.71億元人民幣，有30家二級機構開業運營，三四級分支機搆600餘家

As@6/2/2016 ,Bid/Ask 100.45/100.62
YTM=4.42%  Duration=7.94

中鐵物資付債困難 暫停168億債券交易

再有國企涉債務違約，中鐵物資宣布，該公司申請相關債務融資工具自今日起暫停交易，待相關事項確定後，再恢復交易。該公司為首個因債務償付困難，致暫停債券交易的國企，涉及金額共168億元人民幣。
中鐵物資表示，近年來該公司業務規模持續萎縮，經營效益有所下滑，正在對下一步的改革脫困措施及債務償付安排等重大事項進行論證。
該公司目前發行尚在存續期的共有9隻債務工具，包括48億的超短融(SCP)、20億的中票(MTN)，以及100億的非公開定向債務融資工具(PPN)。該公司最近的一個兌付債券為「15鐵物資SCP004」，到期日為2016年5月17日。

轉載信報：留意債市 降組合波動性

環球低息是不爭的事實，見識過第一季的波動市況後，不少人或棄股轉戰債市。對於第二季債券策略，市場人士認為在購入高息債券收息的同時，亦不妨增加投資級別企業債券的比重，以降低投資組合的波動性，並謹記「先歐亞，後全美」的次序。

  

全球不明朗 要分散風險
歐美等國央行大力放水救經濟，環球低息令近幾年的債券受捧，但綜觀今年第一季之信用債市，只有投資級債券維持正回報，而高收益債券中只有歐亞地區之債表現合格，新興市場債券卻現5%以上的負回報。中國雖然進一步向境外投資者開放銀行間債券市場，但債券市場對此反應頗為冷淡。目前全球經濟處於「四低」環境，即低油價、低增長、低通脹及低利率。誠然，低息投資環境雖然讓債券操作難度提升，且面對加息，市場認為債券將會最受影響。其實，面對加息憂慮，及國際關係、政經情況充滿不明朗的情況之下，市場震盪加劇，債券分散風險的角色反而更形重要，因債券可在投資組合中分散風險及降低波動。的順序，並注意避開低信評和能源布局太高的基金。

高收益債券息差不俗 可抵禦加息
所以美國及歐亞等高收益債券，因為具有不錯的債券息差(credit spread)，可以對抗未來的加息周期，另一方面即使美國加息、企業資金成本增加，但中等信評的高息債券中，部分企業本身的經營狀況亦有改善，違約機率將在可控的範圍，將是未來在資金退場的投資環境下之可取的債券投資工具。以美國高收益債券來說，最近孳息率已高達8%。同一時間，亦不妨增加投資級別企業債券的比重。現時中長期到期日的美國投資級別企業債券，收益率接近5厘，而波動性較股票低一半。加上早前歐洲央行宣布，將會買入歐元計價的投資級別企業債券，相信對相關債券會有支持作用。

 避能源業 經營環境惡劣風險升
話雖如此，有一些行業的企業債，即使有高息，亦應盡量避免。例如，能源價格向下，已開始讓部分經營狀態比較差的能源企業出現違約上升的風險，市場預期一旦美國加息，將會有更多能源廠商抵擋不住資金成本上升的衝擊而出現倒閉或違約潮，所以能源債券要避開。而違約風險較細的行業，據統計，有媒體、健康護理、電信等內需產業。一般散戶如想染指債市，多數都要透過基金，所以選擇債券基金之時，宜留意投資組合。如先前所述，如果基金持有的不是中等評級的高息債而是CCC等近乎垃圾級的債券時，恐怕真的不宜沾手。(撰文: 王錦霞)

PTTEP Subordinated Perpetual 4.875%

Next call date Jun 18 2019,2024

寒冬買REITS,防守力高

本港零售業「寒風凜凜」，而繼穆迪後，評級機構標準普爾亦下調本港評級展望至負面，或意味本港經濟逐步邁入低潮。本港零售業不振，零售商舖出租率及租金自然首當其衝，一眾以收租為主企業在受難免受到影響。 

 本港零售業不振，舖租難免受到影響 (iStock圖片)

 本港經濟下半年或惡化 失業率回升零售業續弱

　　新鴻基金融財富管理策略師溫傑對《經濟通通訊社》表示，目前來港旅客減少，本地消費力亦有所下跌，其預期本港下半年經濟有可能放慢，失業率回升，零售業下半年亦會跟隨經濟繼續惡化。據觀察，銅鑼灣等地區空置舖位增加，於零售業轉差前景下，縱使租金不會大幅下跌，亦難以上調。加上，部分零售租約均設分紅制，商舖零售額下跌將直接拖累業主租金收入。

　　加多利證券分析經理徐滿光對《經濟通通訊社》表示，舖租相對私人住宅樓價堅挺，主要因為本港舖位供應仍算稀缺，吸引力仍然存在，故相信租金回調空間不大。

 收租股受零售額大跌衝擊不一 現階段不宜撈低

　　溫傑表示，零售業冷風對收租股影響難一概而論。以會德豐(00020)為例，旗下擁有不少旺區物業，受零售額大跌打擊較大。相對地，希慎(00014)雖然擁有不少零售商場，但辦公室租金收入則可彌補部分零售商舖租金下跌情況。而領展(00823)以屋村商舖為主，受影響就更加少。但總體而言，溫氏認為行業數據未見改善，雖然相關股份再度大跌機會不大，但投資者無必要現階段撈低，待數據改善再作考慮未遲。

 房託熊市防禦力較強 置富產業及越秀房產吸引

　　溫傑建議可考慮部分產業信託股(Reits)，例如置富產業(00778)背靠長實(01113)，息率水平不俗，加下美國加息步伐較預期緩慢均屬有利因素，現水平已具投資價值。

　　徐滿光亦同意，產業信託股具吸引力，更指產業信託股本屬公用股，對熊市防禦力較強。徐氏推薦越秀房產(00405)和置富產業，惟該兩股近日升幅過急，他建議越秀房產買入位3.8元，目標價4.5元，置富產業回落至7.5元買入，上望8.6元。

 撰文: 陳達成、楊英傑
越秀房產(00405)現價
置富產業(00778)現價

印尼企業債券具有機遇

環富通基金頻道１日專訊》宏利資產管理亞洲（日本除外）定息產品首席投資總監彭德信
表示，踏入２０１６年，人民幣的波動表現較美元強勢更受關注，成為亞洲固定收益投資者的焦
點。此外，市場憂慮中國經濟前景，令亞洲固定收益更趨波動－正是中國牽一髮動全球（或亞洲
）的例子。然而，儘管環球金融市場表現波動，但綜觀新興市場，亞洲固定收益自年初至今的表
現相對堅韌。

＊亞洲區基本因素表現強勁＊

　　表現相對堅韌的情況可部分歸因於：（１）在新興市場國家中，亞洲的經濟基本因素相對強
勁，有助大部分亞洲國家的主權信貸評級維持於投資級別；以及（２）隨著早前推行的經濟改革
見成效，部分亞洲國家可望持續展現經濟動力。
　　印尼的宏觀經濟基本因素正面，包括通脹下降、經常帳赤字穩定及財政紀律轉佳，改善了市
場投資情緒。印尼中央銀行今年以來三度減息，並承諾維持審慎的寬鬆貨幣政策，支持經濟增長
，對債券投資者而言屬利好消息。

＊印尼企業債券提供投資機遇＊

　　此外，由於印尼政府的財政措施漸見紀律和成效，因此可能於本年稍後期間獲標準普爾調高
主權信貸評級。環球金融市場愈趨波動，該行看到全球投資者作出全面拋售，這為亞洲美元企業
債券帶來眾多投資機遇。具體而言，從地區角度來看，該行認為印尼企業債券具有機遇。

＊市場風險＊

　　無可否認，中國對亞洲固定收益投資領域的重要性日益提高，而隨著中國放寬對外國機構投
資者投資當地債市的限制，其趨勢愈見明顯。中國經濟前景不明朗及人民幣可能出現的波動，對
亞洲固定收益投資者是窒礙的因素。該行認為情況有機會蔓延至區內其他國家，如貿易量減少和
外匯波動，分別影響經濟及金融市場。若中國經濟進一步放緩，或會為內地企業債券的信貸評級
添壓，並可能導致違約率上升。

＊亞洲市場提供相對較高孳息率，而且信貸評級達投資級別＊
　　已發展國家政府債券現今所提供的孳息率，處於非常低甚至負數的水平，投資者或者需要在
已發展國家市場外尋找投資機會；而亞洲區的經濟基本因素強勁，在新興市場中引人注目。

Newcrest Finance Pty Ltd. 4.2% 10/1/2022

BACKGROUND

Headquartered in Melbourne, Australia, Newcrest Mining Limited (Newcrest) is the largest gold company listed on the Australian Stock Exchange with revenue of around $4.3 billion for the financial year ended 30 June 2015 (FY15). Newcrest is one of the world's largest gold mining companies based on gold production of around 2.4 million ounces (Moz) for FY15 and the company has a portfolio of predominantly low cost, long life operating mines.

Rating Action: 

Moody's confirms Newcrest's Baa3 rating; outlook stable

Global Credit Research - 16 Mar 2016

Sydney, March 16, 2016 -- Moody's Investors Service (Moody's) confirmed the Baa3 long-term issuer rating of Newcrest Mining Limited and Baa3 senior unsecured ratings of Newcrest Finance Pty Ltd. The outlook on all ratings is stable.

This concludes the review for downgrade initiated on 22 January, 2016.

"The confirmation of Newcrest's Baa3 rating is based upon the company's deleveraging and continued improvements in operating costs", said Matthew Moore, a Moody's Vice President and Senior Credit Officer.

"Newcrest has delivered a track record of significant cost reduction which, combined with its updated conservative financial policies, has allowed the company to continue to reduce debt, despite softer average gold and by-product prices", Moore adds.

This rating action resolves the review of Newcrest's ratings as part of Moody's broader review of the global mining sector, parts of which have undergone a fundamental downward shift in credit quality as a result of weaker commodity prices.

While gold has not experienced the same magnitude of recent price reductions as seen in base metals, it is nevertheless a volatile commodity, the price of which is very hard to predict as it is not driven by normal industrial supply and demand factors. Moody's expects Newcrest to continue to temper this price risk by a focus on cost efficiency, prudent project development and low financial risk in terms of leverage, coverage and robust liquidity.

RATINGS RATIONALE

Newcrest's ratings are currently supported by its relatively low leverage, as measured by debt/EBITDA of around 2.2x. Over the last 18 months, the company has reduced its USD denominated debt by close to USD1.1 billion as it continues to reduce leverage in line with its financial policy targets. The ratings also reflect the company's significant cost reductions over the last several years, which have allowed Newcrest to generate still solid earnings and cash flow despite lower average realised prices.

The ratings continue to reflect Newcrest's position as a large, low-cost gold miner, reflecting the still solid gold production volumes and very large reserve base of proved and probable gold reserves, with a significant amount of non-gold metals (primarily copper). The rating also considers the expanded production contribution from Cadia, which provides support for Newcrest's credit profile, given its low cost position. The increased contribution by Cadia does increase Newcrest's concentration risk, albeit this will moderate if improvements in the company's Lihir operations are sustained.

Newcrest's rating is constrained by the limited commodity and geographic diversity of the company, as well as the political risk inherent in some of the geographies in which Newcrest operates. The rating also reflects the inherent volatility in gold prices.

The stable outlook reflects Moody's expectation that Newcrest's all-in cost position will remain at a level that will ensure consistent free cash flow generation even in a volatile gold price environment. The stable outlook also reflects the company's conservative financial policies, which include maintaining Net Debt/EBITDA below 2.0x, and the company's recent track record of debt reduction to meet these targets.

CREDIT METRICS

Newcrest has lowered its all-in-sustaining cost to a level which should allow it to continue to maintain solid margins and free cash flow generation even in a weaker gold price environment. Newcrest's all-in- sustaining cost (AISC) are some of the lowest in the industry. The company's AISC decreased in the first half of fiscal 2016 (FY2016) to USD770/oz, which was below the USD789/oz achieved in fiscal 2015 and 12% lower than the previous corresponding period. The current AISC level is now down close to 40% from the level achieved in FY2013. While depreciating producer currencies have played a big part in the company's cost reduction, the company has also improved throughput at Lihir, reworked its mine plans, lowered general and administrative expenses, and reduced contractor and consumable spend.

Furthermore the ratings consider Newcrest's ability to maintain solid operating cash flow at a gold price of USD1,100/oz which, combined with lower capital expenditure expectations, will allow the company to generate free cash flow for further debt reduction.

Assuming a gold price of USD1,100/oz we expect that Newcrest's leverage in fiscal 2016, as measured by debt to EBITDA, will remain near the 2.2x level achieved for the 12 months to December 2015 and we expect this to reduce further in fiscal 2017 towards 2.0x. The other key metric of (CFO minus dividends)/ Debt remained solid at around 40% in the 12 months to December 2015.

WHAT COULD CHANGE THE RATINGS

The ratings would face negative pressure if the company was unable to maintain or further adjust its cost base in light of lower gold prices such that: (1) total debt/EBITDA exceeds 3x; (2) cash flow from operations minus dividends/debt falls below 20%; or (3) its liquidity profile weakens materially.

The ratings could also come under further pressure if the company was free cash flow negative over the next several years or improvements in the Lihir operations are not sustained or built upon.

The ratings could experience positive momentum if Newcrest is able to: 1) continue to generate free cash flow and reduce debt levels; 2) maintain its industry leading cost profile; 3) further turn around the operations at Lihir; and, 4) improve credit metrics, such that Debt-to-EBITDA is expected to be sustained below 2.0x under all reasonable assumptions. Moody's would also be looking for signs of improving diversity and the ability to maintain or improve production levels beyond 2020.

您必須知道的五個財務比率

當投資者選擇投資於不同的資產類別時，所考慮的因素大有不同。例如投資股票，由於股價對市場消息甚至於對該公司的傳聞十分敏感，所以投資者多會留意相關公司的新聞及公告，以便從中得到投資啟示。對於投資企業債券而言，投資者比較注重的是發行人企業的信貸基礎，因為企業債券發行的目的是讓投資者以債權人的身份進行投資，債權人更著重的是債券發行人能否定期派發票息及於債券到期時償還本金。我們將會選出部份能夠有效反映企業信用基礎的財務比率，從量化的角度分析發行人的財務表現。

速動比率及流動比率（QUICK RATIO AND CURRENT RATIO）速動比率及流動比率是可以反映企業流動性的財務比率，兩者的計算方法十分接近，但數值的意義則大有不同。流動比率是以企業的流動資產除以流動負債，而速動比率亦然，不過就減去庫存。從會計學的角度而言，流動資產當中除了現金及銀行存款等流動性極高的資產外，亦包括應收帳款（Account Receivable）等較為流動的資產，最後亦有庫存（Inventory）等需要較長時間出售從而轉換成為企業流動資金的資產。因為速動比率的計算並不包括庫存，所以流動比率反映的是企業較為長期償債能力，而速動比率則量化企業較短期的償債能力。以香港上市的內房企業為例，流動及速動比率的市場平均值大約為1.8及0.6，企業的比率較平均值高則表示企業的流動性較市場平均值佳。除此之外，投資者亦可參考現金比率（Cash Ratio），計算方法是以現金及現金等值除以流動負債，所以現金比率可以反映企業能夠即時撥款償債的能力；同樣地，現金比率愈高代表企業即時償付債項的能力愈好，以香港上市的內房為例，現金比率的市場平均值大約為0.3。

利息覆蓋率（EBIT/TOTAL INTEREST EXPENSE）利息覆蓋率反映企業償付利息的能力，可以理解為，企業的息稅前利潤是否足夠償還融資的成本。財政狀況穩健的企業，營運收益理應蓋過營運借貸的成本。所以若然這個比率下跌至低於1的水平，企業於該個財政年度期間則有需要動用備用現金以償還利息。當然，比率低於1並不代表企業必然會違約，企業仍然可運用現金儲備以償付利息。但就長遠發展而言，如果企業的利息覆蓋率長期處於1以下的水平，企業的營運壓力將會愈來愈高，每年需要從現金及銀行存款當中撥備，當現金餘額變至不足償還利息，企業就可能需要變賣資產以籌措資金，不過變賣資產亦非一朝一夕的事，企業有可能因未能即時變賣資產以償還即將到期的債務而有可能違約。

淨債務對息稅折舊攤銷前利潤（NET DEBT/EBITDA）

淨債務對息稅折舊攤銷前利潤反映企業目前的負債與盈利比重，這一項槓桿比率普遍受評級機構所重視。因為淨債務為總債務減去企業現有的現金及現金等值，所以分析員能夠從這項比率分析企業未來的減償能力。以香港上市的內房為例，淨債務對息稅折舊攤銷前利潤的市場平均值大約為6.7倍，意思是若然企業的營運狀況在未來保持不變（淨債務及息稅折舊攤銷前利潤均保持不變），該些企業將能以6.7年的時間將其淨債務全部清還。當然，債務能以最短時間清還最為理想，所以此比率越低代表其債務負擔越低。

總債務對總資產比率（TOTAL LIABILITIES/TOTAL ASSETS）

總債務對總資產比率的計算方法比較簡單，概括描述企業的營運風險。總資產包含流動及非流動資產，我們在介紹流動及速動比率的部份已經簡單講述流動資產的定義，所以就不再重複，至於非流動資產則包括機器、土地、營運物業及商譽等無法輕易轉換成為現金的資產。以香港上市的內房為例，總債務對總資產比率的市場平均值大約為0.7。若然比率的數值高於1，表示企業即使全數出售資產，仍無法全數償還債務，亦代表公司無法繼續營運。

資產回報率（RETURN ON ASSETS）

資產回報率反映企業運用資本的能力。數值的高低並無任何特定標準，而且對比不同公司作比較時需要小心，因為資產回報率的計算方法因應不同企業而有分別，部份企業以純利除以資產總額，亦有部份企業將利息支出重新計算至純利當中，所以對比單一公司過去的資產回報率則為簡單，因為從每年資產回報率的變化可以觀察到個別企業的營運狀況，若然資產回報率按年下跌，代表企業的營運狀況開始轉弱。

以上五個財務比率能夠反映企業的信貸基礎，但不同的財務比率的高低對於不同行業的意義會有所不同。以槓桿性較重的行業如內房為例，由於發展房地產業務需要大量資金用以買地及建築，而且回本期較其他行業為長，所以負債比率一般較其他企業為高，所以投資者參考個別企業的財務比率時，需要以相同行業的公司或其版塊的平均值以作比較。財務比率可以作為對企業信貸基礎的概覽，需要留意的是，企業的財務比率只反映企業單獨個體的狀況，若然企業有國企背景，企業的信用基礎將會與企業所在國家的主權信貸基礎掛鉤，當中包括國家經濟及長遠的貨幣走勢。由於個別財務比率不能夠直接反映企業整體的違約風險，所以作出投資決定時，投資者除了需要參考不同的財務數據及比率外，亦需要留意環球經濟狀況及該版塊的前景。

(Source:Bond@fundsupermart)

Ratings On Standard Chartered Entities Lowered By One Notch

RATINGS LIST
Downgraded; CreditWatch/Outlook Action
                                        To                 From
Standard Chartered Bank (Hong Kong) Ltd.
 Counterparty Credit Rating             A+/Positive/A-1    AA-/Watch Neg/A-1+

Standard Chartered Bank (Taiwan) Ltd.
Standard Chartered Bank Korea Ltd.
 Counterparty Credit Rating             A-/Positive/A-2    A/Watch Neg/A-1

Standard Chartered PLC
 Senior Unsecured                       BBB+               A-/Watch Neg
 Senior Unsecured                       cnA+               cnAA-/Watch Neg
 Subordinated                           BBB-               BBB/Watch Neg
 Junior Subordinated                    BB-                BB/Watch Neg
 Preference Stock                       BB                 BB+/Watch Neg

Standard Chartered Bank
 Senior Unsecured                       A                  A+/Watch Neg
 Senior Unsecured                       Ap                 A+p/Watch Neg
 Subordinated                           BBB                BBB+/Watch Neg
 Junior Subordinated                    BB+                BBB-/Watch Neg
 Junior Subordinated                    BBB-               BBB/Watch Neg
 Preferred Stock                        BB+                BBB-/Watch Neg
 Certificate Of Deposit                 A                  A+/Watch Neg

Standard Chartered Bank (Hong Kong) Ltd.
 Senior Unsecured                       A+                 AA-/Watch Neg
 Subordinated                           A                  A+/Watch Neg

Downgraded; CreditWatch/Outlook Action; Ratings Affirmed
                                        To                 From
Standard Chartered PLC
 Counterparty Credit Rating             BBB+/Stable/A-2    A-/Watch Neg/A-2

Standard Chartered Bank
Standard Chartered Bank (China) Ltd.
 Counterparty Credit Rating             A/Positive/A-1     A+/Watch Neg/A-1

Standard Chartered Bank
 Certificate Of Deposit                 A/A-1              A+/Watch Neg/A-1

Standard Chartered Bank (Taiwan) Ltd.
 Counterparty Credit Rating
 Taiwan National Scale                  twAA/Positive/     twAA+/Watch Neg/
                                        twA-1+             twA-1+

Ratings Affirmed

Standard Chartered Bank
 Certificate Of Deposit                 A-1                
 Commercial Paper                       A-1                

Ratings Affirmed; CreditWatch/Outlook Action
                                        To                 From
Standard Chartered Bank (China) Ltd.
Standard Chartered Bank (Hong Kong) Ltd.
  Greater China Regional Scale           cnAAA/cnA-1+       cnAAA/Watch Neg/
                                                           cnA-1+

Standard Chartered Bank (Taiwan) Ltd.
 Greater China Regional Scale           cnAA+/cnA-1        cnAA+/Watch Neg/
                                                           cnA-1

Standard Chartered Bank
 Certificate Of Deposit                 axA-1+             axA-1+/Watch Neg
 Certificate Of Deposit                 axAAA              axAAA/Watch Neg

Standard Chartered Bank (Hong Kong) Ltd.
 Senior Unsecured                       cnAAA              cnAAA/Watch Neg
 Subordinated                           cnAA+              cnAA+/Watch Neg

"We consider the Standard Chartered group's creditworthiness to have weakened 
considerably when compared with global peers with a similar stand-alone credit 
profile such as major banks in Singapore, Canada, and Australia," said 
Standard & Poor's credit analyst Terry Sham.

We expect the recovery in the group's performance to be protracted amid an 
unsupportive operating environment. We therefore lowered the unsupported group 
credit profile (GCP) by one notch to 'a-' from 'a', which leads to a lowering 
of the issuer credit ratings on SCPLC and the issue credit ratings on SCPLC 's 
senior unsecured issuance and the group's hybrid capital instruments. We 
continue to include only one notch of additional loss-absorbing capacity 
(ALAC) support into the supported GCP, and so lowered our ratings on most of 
the group's operating companies. We lowered the ratings on SCBHK because we 
expect that its creditworthiness will remain closely linked to that of the 
wider Standard Chartered group. 

We recognize the progress that management already made in 2015 and the 
bolstering of capitalization that is likely to prove enduring under our base 
case. Balance sheet strength is improving, but we do not see capitalization as 
a relative strength that fully offsets the pressures on the business.

We have reflected these developments through the following two adjustments to 
the composition of the group's unsupported GCP:



We lowered our assessment of the group's business position to adequate 
from strong. This acknowledges that the group is likely to retain many of 
its key strengths and competitive advantages, but reflects our view that 
the group is no longer a positive outlier in this regard. 
We raised capital and earnings to strong from adequate, but lowered risk 
position to moderate from adequate, leading to no net change across these 
two factors. We now project the group's risk-adjusted capital (RAC) ratio 
to reach about 11% at end-2016 and to remain close to that level, from 
10.4% at end-2015. However, the group's earnings are likely to remain 
subdued through end-2017 at least.


Standard Chartered's GCP of 'a' remains one notch higher than the unsupported 
GCP to reflect an uplift for ALAC, which is the buffer of instruments that 
resolution authorities would use through bail-in to recapitalize the bank if 
it fails. We expect ALAC to accrue to the benefit of senior creditors of the 
group's main operating companies, but not those of SCPLC--being a 
non-operating holding company whose senior obligations would likely not 
receive full and timely payment in a resolution scenario. We calculate that 
the group's ALAC ratio was close to 7.5% at end-2015.

Our ratings on SCBHK reflect our view of its 'a' SACP and the two notches of 
uplift for potential extraordinary support from the Hong Kong government. In 
our view, SCBHK remains the strongest of Standard Chartered's group operating 
companies, and we have not revised down the SACP at this stage, nor changed 
the support uplift. Nevertheless, while we see some differentiation in credit 
quality with other group companies, we have used a notch of negative 
adjustment to reflect our view that its creditworthiness will remain closely 
linked to that of the wider Standard Chartered group. As a result, SCBHK 
remains rated only one notch above SCB.

Standard Chartered PLC
The stable outlook acknowledges the difficult operating environment and 
work-in-progress nature of management's actions, but reflects our view that 
there are currently limited negative or positive pressures on the rating. 

While unlikely at this time, we could lower the rating if we see a further 
weakening in the group's unsupported GCP of 'a-'. This could result from 
events such as: (1) a sharp adverse development in asset quality; (2) a 
significant weakening in the group's funding or liquidity profiles; or (3) 
factors that will require management to undertake a significantly more 
far-reaching and substantial restructuring to restore the group's 
profitability.

While a remote possibility at this time, we could raise the long-term rating 
if we raise the unsupported GCP. We could do this, for example, if RAC 
improves substantially beyond our current 11% projection, leading us to 
conclude that the group's capitalization provides a substantial buffer against 
possible future losses.  

Standard Chartered Bank
The positive outlook reflects our view that the group's accumulation of ALAC 
is likely to offer increased protection to senior unsecured creditors of the 
group's operating subsidiaries in the next 12-24 months. 

We would likely raise our long-term ratings on SCB once the group accumulates 
8.5% ALAC on a sustainable basis. An upgrade would also need to be supported 
by a view that a higher rating is justified in comparison with similarly 
highly-rated peer. 

If we raised our rating on SCB, we would likely also raise the ratings on 
SCBC, SCBK, and SCBT, as long as we continue to believe that regulators and 
resolution authorities would seek to ensure that these entities' senior 
unsecured creditors continue to be paid on time and in full if the group 
fails.

We would likely revise the outlook back to stable if the group's accumulation 
of ALAC seems set to be delayed or fall short. This revision could also result 
from reduced confidence that a higher rating is justified in comparison with 
similarly highly-rated peers, for example due to mounting downside risks of 
the type envisaged under the downside scenario for SCPLC. 

Standard Chartered Bank (Hong Kong) Ltd.
The positive outlook on SCBHK mirrors the outlook on SCB. 

We would likely raise our long-term ratings on SCBHK if we raise our rating on 
SCB. This is conditional upon the sovereign rating on Hong Kong staying at 
'AAA' and we continue to see a high likelihood of government support for 
SCBHK.  

We would likely revise the outlook on SCBHK to stable, if we have a similar 
outlook revision on SCB. Alternatively, we could revise the outlook on SCBHK 
to stable if we see a reduced capacity or likelihood of government support in 
Hong Kong. This could happen if we lower our rating on Hong Kong, or we see 
the banking resolution regime in Hong Kong evolves in a way that reduces the 
willingness or flexibility of the government to support banks in a stressful 
situation.