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HSBC Bank Brasil S.A. Oct 11
Standard & Poors, October 2011
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,...
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
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