Fitch affirms HSBC India CDs

Fitch Ratings said it affirmed Hongkong and Shanghai Banking Corp. Ltd., India Branch's 50 billion rupee certificates of deposit program at Fitch A1+(ind).

HSBC India's rating reflects the financial strength of and Fitch's expectation of continued strong support from HSBC Ltd. (long-term issuer default rating at AA/stable, individual rating at A/B, viability rating at AA, Fitch said.

The high probability of support is underpinned by HSBC India's explicit linkages to its head office, HSBC, as well as the importance of the India operations for the group, which has run over many decades, the agency noted.

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