Fitch: HSBC Bank (Russia) BBB+

Fitch Ratings said it assigned a long-term issuer default rating of BBB+ to Russia's HSBC Bank (RR) LLC.

The agency also assigned a short-term foreign-currency issuer default rating of F2 and national long-term rating of AAA(rus).

The outlook is stable.

The ratings reflect the support the bank is likely to receive, if needed, from its ultimate shareholder, HSBC Bank plc, Fitch said.

The bank's economic viability and reasonable return from core operations create incentives for the continuation of HSBC's operations in the Russian market, despite their relatively small scale, the agency said.

The potential for the bank to receive and utilize support in foreign currency could be constrained by Russia's transfer and convertibility risks, which are captured by the country ceiling of BBB+, Fitch added.

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