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發表於 2006-12-21 07:19 PM
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NEW YORK, Dec 20 (Reuters) - Standard & Poor's
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on Wednesday changed its outlook on HSBC Holdings Plc (HSBA.L: Quote, Profile , Research) to positive from stable, citing continuing benefits from the company's earnings diversification and global reach.7 E5 z% x) K7 V0 ?8 _) b! z
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The new outlook reflects "the extraordinary diversification of the business profile, which provides a substantial earnings cushion to offset the volatility of individual business lines and geographies," S&P said in a statement.0 A) Y$ R; f# `; m# o
5 o; D5 N+ k+ {8 `"The earnings mix means that HSBC is managing to produce high-quality group earnings even when individual markets suffer setbacks or hit difficult conditions," S&P said. 4 x3 v3 i# Y. ~
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The outlook change also reflects HSBC's unique blend of potentially high-growth emerging market activities with a range of more mature businesses, and a strong enterprise risk management framework, "which is remarkably integrated for such a global group," S&P said., W( u6 e' v, C( E6 m( w) u
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HSBC also benefits from the depth of its global retail deposit franchise, S&P said.
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S&P rates HSBC's long term debt "AA-minus," its fourth highest ranking. A positive outlook indicates the ratings are likely to be raised over the next two years. 1 O% `( X3 o5 {# x5 W2 O
7 ^* ~3 o. N l[ Last edited by 新經濟學巨人 on 2006-12-21 at 07:20 PM ] |

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