S&P places Citic on credit watch list

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Standard & Poor’s placed Citic Securities on a credit watch list days after the firm said some employees including its president were being probed for alleged insider trading.

Bloomberg News reports that the rating firm currently rates the brokerage and its Citic Securities International 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 notch.

Citic Securities said Tuesday its President Cheng Boming and two other staff members were under investigation for suspected insider trading. The probes came amid a widening campaign in China to root out financial wrongdoing and assign blame for the nation’s $5tril stock rout.

To access the complete Bloomberg News article hit the link below:

Citic Securities Placed on S&P Credit Watch List After Probe

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