Fitch upgrades credit ratings of CICC, Galaxy and overseas subsidiaries CICC becomes the second "A-" securities firm

Rating agency Fitch has updated the credit ratings of several top securities firms and their overseas affiliates, with overall credit fundamentals receiving recognition from external institutions. It was reported that Fitch has upgraded the long-term issuer default rating of CITIC Securities and its wholly-owned subsidiary, CITIC International, from "BBB+" to "A-", with the corresponding shareholder support rating also raised to "a-". The ratings outlook remains stable, making CITIC Securities the second Chinese securities firm to receive an upgrade. Previously, Fitch had also assigned an "A-" long-term issuer default rating to CSC Financial and its international arm. In this round of adjustments, Fitch also raised the long-term issuer ratings and shareholder support ratings of Galaxy Securities' overseas entities, Galaxy Overseas and Galaxy Singapore, from "BBB-" and "bbb-" to "BBB" and "bbb".