HSBC Mexico S.A. May 11
Standard & Poors, May 2011
Abstract
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,...
Action: Review
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Research Type: Full Analysis
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- HSBC Private Bank (C.I.) Ltd
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