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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.
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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.4 n' J; g/ J& e1 z9 O
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"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. 2 { T: b8 U2 Q$ z, Z5 |$ x: J" F
/ b) b, l+ g& s1 y! | I5 sThe 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.
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) c2 Q* L0 S- YHSBC also benefits from the depth of its global retail deposit franchise, S&P said.
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$ B8 t5 R8 v, XS&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.
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~+ r. T3 y# A& o. O. U1 |+ |[ Last edited by 新經濟學巨人 on 2006-12-21 at 07:20 PM ] |

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