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HSBC Mexico S.A. May 11
Standard & Poors, May 2011
Strategic importance to its parent Improving trend in asset quality indicators Good market position Large operating expenses, hindering profitability Standard & Poor's Ratings Services' ratings on HSBC Mexico S.A. incorporate its status as a strategically important subsidiary of HSBC Holdings PLC (HSBC; AA-/Stable/A-1+). Although we don't expect that HSBC Mexico will require further support, we believe that, in light of HSBC's history of supporting its global banking network, support would be forthcoming if needed. This expectation lifts our ratings on HSBC Mexico one notch above what its stand-alone credit profile would suggest. The ratings on HSBC Mexico also reflect its good market position, improving asset quality, and financial flexibility. However, banking industry country risks related to the Mexican operating environment,...
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 Mexico S.A.
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- HSBC Bank PLC
- HSBC Bank USA N.A.
- HSBC France
- The Hongkong and Shanghai Banking Corp. Ltd.
- HSBC Financial Corp. Ltd.
- HSBC Holdings Luxembourg S.A.
- HSBC Bank Canada
- HSBC Finance Corp.
- 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 Bank Nevada N.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.