MANILA, Philippines - 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 Standard Chartered Bank from A+ to AA- . The S&P upgrade reinforces the Group’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).