Fitch affirms Hongkong and Shanghai Banking

Fitch Ratings said it affirmed Hongkong and Shanghai Banking Corp.'s long-term foreign-currency issuer default rating at AA, short-term foreign-currency issuer default rating at F1+, individual rating at A/B, support rating at 1 and support rating floor at A-.

The outlook remains stable.

The ratings reflect its solid core operations, excellent profitability, strong balance sheet and track record of sound management, Fitch said.

Hong Kong remains the largest source of profit for the bank, but given its relative maturity, the share of profit from the rest of Asia will increase over time, particularly from China and India, the agency said.

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