Research Update: Outlook On China Development FHC Group Revised To Stable From Negative On Earnings Recovery; Ratings Affirmed Nov 10

Standard & Poors, November 2010

Abstract
CDHFC group's core earnings have improved along with stabilization in global capital markets. We expect the group to maintain the recovery in its core earnings and its strong capitalization at the current level for the next two years. We revised the outlook on the long-term counterparty credit rating on CDFHC and its core subsidiary to stable from negative. We affirmed the long-term and short-term credit ratings on CDFHC and its core subsidiary. On Nov. 1, 2010, Standard & Poor's Ratings Services revised its outlook on the long-term ratings on China Development Financial Holding Corp. (CDFHC) and its core subsidiary to stable from negative. At the same time, we affirmed the following ratings on both entities: The 'BBB+' long-term counterparty credit...

Companies mentioned in this report are: China Development Financial Holding Corp.,China Development Industrial Bank
Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

China Development Financial Holding Corp.,China Development Industrial Bank

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