Standard and Poor’s on Tuesday said that its ratings on Standard Chartered Plc and its subsidiaries are not immediately affected by the charges made against the UK bank in New York for its Iran transactions.
S&P said that its ratings on Standard Chartered Plc and its subsidiaries, including Standard Chartered Bank and others, are currently unaffected by the New York state bank regulator’s assessment that the banking group violated the law.
“The extent of the legal and regulatory actions against the group is yet to be certain,” the global rating agency said in a statement.
“Although the bank’s operations and revenue sources are largely concentrated in Asia, we will continue to monitor the corresponding implication of the bank’s operational risk management, and the potential impact on the bank’s reputation, revenue-generating capability, and profitability,” S&P said.