The Bank of Bermuda Ltd. Rating Affirmed At 'AA-/A-1+'; Outlook Positive May 07

Standard & Poors, May 2007

Abstract
MEXICO CITY (Standard & Poor's) May 4, 2007--Standard & Poor's Ratings Services said today that it affirmed its 'AA-/A-1+' counterparty credit rating on The Bank of Bermuda Ltd. The outlook is positive. "The ratings on the Bank of Bermuda reflect its strategic importance to HSBC Bank PLC and its strong position within the Bermuda banking market, including its dominant position serving insurance companies based on the island," said Standard & Poor's credit analyst Laurence Wattraint. Ratings also factor the bank's diversified revenue stream from its local banking operations and geographically broader fee-based businesses such as insurance, custody, and investment management services. Bank of Bermuda has improved its operating efficiencies by leveraging HSBC's platform, which has led to strong profitability. Tempering...

Companies mentioned in this report are:
- HSBC Bank Bermuda Ltd.
- HSBC Bank PLC

Action: Affirmed

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- HSBC Bank Bermuda Ltd.
- HSBC Bank PLC

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