Standard Chartered’s credit rating has been upgraded to AA- by global rating agency Standard & Poor’s. Other banks such as Goldman Sachs, Citigroup, Bank of America, and JP Morgan Stanley were downgraded. The fresh AA- credit rating makes it the only major international bank to receive an upgrade by all three rating agencies since the financial crisis. Commenting on the upgrade, Kweku Bedu - Addo, Chief Executive, Standard Chartered Ghana, said: “Our confidence in emerging markets -- Africa, Asia and the Middle East -- has paid off greatly. We are proud of our achievements and consistency over the years.” “It is most refreshing to note that S&P is the third major rating agency to upgrade the Bank since the financial crisis began in 2008, which ironically has led to the downgrading of some of our major global competitors and even hitherto strong economies.” The strength of Standard Chartered’s balance sheet, risk management approach and market position across the growing economies of Africa, Asia and the Middle East were cited by Standard & Poor’s, S&P, in its upgrade of the Bank from A+ to AA- today. The S&P upgrade clearly demonstrates the bank’s differentiated position versus other international banks. It reinforces the Bank’s growing balance sheet, minimal wholesale funding requirements, diversified income streams and the strength of its capital and liquidity positions. Standard Chartered Bank is in a very small group of international banks to have been upgraded from S&P under the new methodology – with most institutions being downgraded or remaining the same. Standard Chartered is also the only major international bank to have been upgraded by all three ratings agencies since the beginning of the financial crisis -- by S&P to AA-; Fitch to AA-; and Moody’s (to A1). S&P awarded notch upgrades to Standard Chartered’s ratings for strong liquidity and ‘above average’ capital; and strong business position, strong risk position Mr. Bedu-Addo said: “S&P commented that a notch upgrade for liquidity would only be awarded to banks in ‘exceptional’ circumstances. It cites our ‘rich liquid pool of assets’ and likelihood that we are a ‘flight to quality’ institution. “S&P notes our good market positions, flexibility to play to our advantages in our markets, the strong economic growth across our markets, plus our diverse geographic revenue mix. “S&P notes our well-diversified risk exposure and conservative risk appetite,” he said.