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Fitch rates HSBC bonds AA-
Fitch Ratings said it assigned Hongkong and Shanghai Banking Corp. Ltd.'s recently issued senior unsecured bonds a long-term foreign-currency rating of AA-.
On June 27, the bank issued ¥54.9 billion five-year senior unsecured bonds of which ¥37.7 billion are at a 0.605% fixed-rate and ¥17.2 billion at floating-rate.
On June 5, the HSBC's Singapore branch issued RMB 500 million three-year 2.25% fixed-rate notes.
Fitch said the bonds are rated at the same level as HSBC's long-term issuer default rating as they rank equally with the bank's other unsecured and unsubordinated obligations.
The bank's issuer default rating and viability rating (aa-) reflect the agency's view of the bank's robust liquidity, strong franchise and prudent risk control. These strengths counterbalance the bank's concentrations on China and its exposure to Hong Kong's cyclical property market, the agency said.
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