S&P places Citic on credit watch amid trading probe

Beijing

STANDARD & Poor's placed China's largest brokerage Citic Securities Co on a credit watch list days after the firm said some employees including its president were being probed for alleged insider trading.

The rating firm currently rates the brokerage and its Citic Securities International Co unit at BBB+/A-2 and cnA+/cnA-1, S&P said in a statement on 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 level.