Bocom upgrade on "HSBC effect"

Ratings agency Standard & Poor's said yesterday it had revised the outlook on long-term foreign-currency counterparty credit rating to positive from stable for Bank of Communications, crediting the arrival of HSBC as a key shareholder. In July, HSBC agreed to take a 19.9% stake in Bocom for RMB 14.6 billion. S&P's decision signals an imminent credit rating upgrade � and consequently lower costs for Bocom when it goes out to raise money. S&P also credited Bocom's plan for management and technology in tandem with the HSBC deal.