Summary: HSBC Bank Australia Ltd. Jun 11

Standard & Poors, June 2011

Abstract
The rating on HSBC Bank Australia Ltd. (HBA) reflects the bank's full ownership by The Hongkong and Shanghai Banking Corp. Ltd. (HSBC; AA/Stable/A-1+), and HBA's core subsidiary status to that parent's banking group. HBA's stand-alone credit profile is supported by the bank's robust asset quality, diverse and stable revenue streams relative to local peers, and sound risk-adjusted capital ratios. However, the overall small market share and indirect exposure to the Australian banking system's dependence on wholesale funding slightly moderate the stand-alone credit profile. HBA is a foreign-owned bank operating in Australia. Supported by the broader HSBC group expertise, HBA provides a range of financial services to Australian retail and selected commercial markets. The rating on HBA is equalized with that...

Companies mentioned in this report are: HSBC Bank Australia Ltd.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

HSBC Bank Australia Ltd.

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