Moody's lowers HSBC

Moody's Investors Service said it downgraded to Aa2 from Aa1 the deposit and senior debt ratings of Hongkong and Shanghai Banking Corp. Ltd. and Hang Seng Bank Ltd.

The agency said it also downgraded the subsidiaries of both banks and they are listed below.

The outlook is stable.

Moody's said the downgrades of HSBC, Hang Seng Bank and their subsidiaries are both a consequence of the action taken on their ultimate parent, HSBC Holdings.

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