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HSBC Finance Corp. Nov 10
Standard & Poors, November 2010
Consistent implicit support from its ultimate parent, HSBC Holdings PLC, as evidenced by continued capital infusions, asset purchases, and public statements No explicit support or guarantee of debt by the parent The need for continued support, we believe, for the foreseeable future as losses continue to erode capital and debt maturities outpace scheduled portfolio runoff Extremely poor asset quality from ill-timed subprime lending Standard & Poor's Ratings Services bases its ratings on HSBC Finance Corp. largely on the expectation that the company's ultimate parent, HSBC Holdings PLC (Holdings or the Group; AA-/Stable/A-1+), will continue to support the company. This expectation reflects Holdings' track record of providing liquidity and capital support to HSBC Finance and its public statements indicating the intention...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- HSBC Finance Corp.
- HSBC USA Inc.
- HSBC Bank PLC
- HSBC Bank USA N.A.
- The Hongkong and Shanghai Banking Corp. Ltd.
- HSBC Financial Corp. Ltd.
- HSBC Holdings Luxembourg S.A.
- HSBC Bank Canada
- Household Global Funding Inc.
- HSBC Holdings PLC
- HSBC Bank Australia Ltd.
- HSBC Private Bank (Suisse) S.A.
- Household International Capital
- The Saudi British Bank
- Hang Seng Bank Limited
- HSBC Mexico S.A.
- HSBC USA Capital Trust I
- Republic New York Capital I
- Republic New York Capital II
- Hang Seng Insurance Co. Ltd.
- HSBC Insurance (Asia) Ltd.
- HSBC USA Capital Trust II
- HSBC Bank Brasil S.A.
- HSBC Insurance (Singapore) Pte. Ltd.
- HSBC Life (International) Ltd.
- HSBC Capital Funding (Sterling 1) L.P.
- HSBC Capital Funding (Dollar 1) L.P.
- HSBC Private Banking Holdings (Suisse) S.A.
- HSBC Canada Asset Trust
- HSBC Bank Bermuda Ltd.
- Banco Davivienda Salvadoreno S.A
- HSBC Capital Funding (Dollar 2) L.P.
- HSBC Bank Capital Funding (Sterling 1) L.P.
- HSBC Private Bank (Monaco) S.A.
- HSBC Bank A.S.
- Hang Seng Bank (China) Limited
- HSBC Insurance (Bermuda) Ltd.
- QBE General Insurance (Hong Kong) Ltd.
- Hongkong and Shanghai Banking Corp. Ltd. (Sydney Branch)
- HSBC Bank (Panama) S.A.
- HSBC Private Bank (C.I.) Ltd
- HSBC Bank (Taiwan) Ltd.