Standard & Poor’s (S & P) has reinstated the credit rating of Haitong Bank, formerly Banco Espírito Santo de Investimento, giving it a rating of “BB-” and “B” in the long and short term, S&P said in a statement issued Thursday.

In the statement S&P described the new bank in the Portuguese market as “strategically important” for Chinese group Haitong Securities.

S&P also said Haitong’s Bank’s outlook was positive reflecting the view, “that we might raise our long-term rating on Haitong Bank as a result of a successful business model turnaround and an improved risk profile.”

The new rating follows the recent announcement by China-based Haitong Securities Co. Ltd. (BBB/Negative) that it has completed the acquisition of BESI, which it has renamed as Haitong Bank S.A. (macauhub/CN/PT)