Research Update: HSBC Bank Bermuda Ltd. Ratings Lowered To 'A+/A-1' From 'AA-/A-1+'; Outlook Is Stable Nov 11
Standard & Poors, November 2011
Abstract
Following a full review on HSBC Bank Bermuda Ltd. (HSBC BB) under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we lowered our ratings on HSBC BB to 'A+/A-1' from 'AA-/A-1+' on Nov. 29, 2011. The outlook on the long-term rating is stable. Our ratings on HSBC BB reflect our view of the bank as a highly strategic operating subsidiary of HSBC Holdings PLC (HSBC; A+/Stable/A-1). Under our group methodology criteria, our 'A+' rating on HSBC BB is one notch below the 'AA-' ratings on the group's core operating entities. Our stand-alone credit profile (SACP) on HSBC BB is 'a-', which reflects our view of its adequate business position, very strong capital and earnings, moderate risk position,...
Companies mentioned in this report are: HSBC Bank Bermuda Ltd.,HSBC USA Inc.,HSBC Bank USA N.A.,HSBC Bank Canada,HSBC Holdings PLC,HSBC Mexico S.A.,HSBC USA Capital Trust I,Republic New York Capital I,Republic New York Capital II ,HSBC USA Capital Trust II,HSBC Canada Asset Trust,Banco HSBC Salvadoreno S.A.,HSBC Bank (Panama) S.A.,HSBC Bank (Taiwan) Ltd.
Action: Downgraded
Action: Outlook: Stable
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
HSBC Bank Bermuda Ltd.,HSBC USA Inc.,HSBC Bank USA N.A.,HSBC Bank Canada,HSBC Holdings PLC,HSBC Mexico S.A.,HSBC USA Capital Trust I,Republic New York Capital I,Republic New York Capital II ,HSBC USA Capital Trust II,HSBC Canada Asset Trust,Banco HSBC Salvadoreno S.A.,HSBC Bank (Panama) S.A.,HSBC Bank (Taiwan) Ltd.
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