S&P: Citic unaffected

Standard & Poor's said ratings on Citic Group (BBB-/positive/A-3) and Citic International Financial Holdings Ltd. (BBB-/positive/A-3) are not immediately affected by the group's plan to take Citic International private.

Ratings also are unaffected by Banco Bilbao Vizcaya Argentaria, SA's (AA/stable/A-1+) plans to double its stake in Citic International to 30% and China Citic Bank Co. Ltd. (not rated) to 10%.

The agency said it believes that the bank's increased equity is likely to strengthen strategic cooperation among the parties and benefit corporate governance and risk management at Citic Group's banking operations.

S&P said that a privatization of Citic International is not expect it to have significant impact on the group's credit profile, but financial leverage is likely to rise immediately after the deal.

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