The credit ratings agencies have been more stick than carrot recently, but Standard Chartered received a boost from S&P, becoming one of the few European banks to receive an upgrade.

S&P raised its counterparty credit ratings on Standard Chartered Bank to AA-/A-1+ from A+/A-1. The bank's Hong Kong arm received a bigger fillip after S&P raised its short-term counterparty credit rating to 'A-1+' from 'A-1'.