S&P: HSBC Bank (China) AA-

S&P said it assigned an AA- long-term and A-1+ short-term issuer credit ratings to HSBC Bank (China) Co. Ltd.

The agency also said it assigned cnAAA long-term and cnA-1+ short-term Greater China regional scale ratings to the bank.

The outlook is negative.

The ratings on HSBC Bank (China) mirror the ratings on the Hongkong and Shanghai Banking Corp. Ltd. (HSBC Asia Pacific) because HSBC Bank (China) is a core subsidiary of the HSBC Asia Pacific group and plays a key role in the Hong Kong-based parent's strategy in mainland China, S&P said.

The group's commitment to HSBC Bank (China) is expected to continue and should provide timely and strong support to HSBC Bank (China) when needed, the agency said.

The group's long established franchise, extensive regional presence and strength in cross-border banking is expected to keep it in a good position to compete with other international banking groups and capture business growth opportunities in China, S&P said.

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