HSBC Bank Brasil S.A. Oct 11
Standard & Poors, October 2011
Abstract
Ownership affiliation and implicit support from parent; Well established and diverse franchise in Brazil; and Good liquidity. Moderate capitalization partially mitigated by high financial flexibility; and Stiff competition in the Brazilian banking sector. The ratings on HSBC Bank Brasil S.A. reflect our view of its stand-alone credit profile (SACP), which we assess as equivalent to 'bb+'. The ratings also mirror the benefits of its full ownership by HSBC Holdings PLC (AA-/Stable/A-1+). HSBC Brasil satisfies our group methodology criteria as a strategically important subsidiary of the HSBC group. As a result, the long-term rating on the bank incorporates a three-notch uplift in its SACP to reflect our view of a high probability of extraordinary support from its parent. The credit rating,...
Action: Review
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Research Type: Full Analysis
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