Standard Chartered Credit Ratings on Watch for Downgrade by S&P

Standard Chartered Plc, which reported its first annual loss since 1989 earlier this week, may have its credit rating cut by Standard & Poor’s.

Standard Chartered’s A- rating, as well as grades for several subsidiaries, were put on credit watch for a downgrade, the ratings company said Friday in a statement. The firm’s rating was cut one notch by S&P in February 2015.

“In view of the bank’s weakened performance, its ongoing transformation, and increasingly challenging macroeconomic environment, we see elevated uncertainty over the bank’s ability to defend its competitive position, manage its risk exposure, and recover its profitability over the next two to three years,” the ratings company said in the statement.

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