Citic Securities Placed on S&P Credit Watch List After Probe
- S&P places firm on credit watch with negative implications
- Citic said Tuesday three staff members under investigation
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Standard & Poor’s placed China’s largest brokerage Citic Securities Co. on a credit watch list days after the firm said some employees including its president were being probed for alleged insider trading.
The rating firm currently rates the brokerage and its Citic Securities International Co. unit at BBB+/A-2 and cnA+/cnA-1, S&P said in a statement Thursday, as it placed the two on credit watch with negative implications. It said it doesn’t expect any rating impact to be more than one level.