Moody’s: HSBC Bank Australia to stable

Moody's Investors Service said it affirmed HSBC Bank Australia Ltd.'s (HBAU) long-term deposit, issuer and senior unsecured ratings at A1, and its short-term issuer, deposit and commercial paper ratings at P-1.

The bank's senior unsecured medium-term note program and long-term deposit note/CD program ratings were affirmed at provisional A1 while the subordinate program rating was affirmed at provisional A2.

The adjusted baseline credit assessment (adjusted BCA) was affirmed at a1, BCA at baa1 and counterparty risk assessment at Aa3(cr)/P-1(cr).

The outlook was revised to stable from negative.

Moody’s said this action follows the downgrade of its parent, Hongkong and Shanghai Banking Corp. Ltd. (HBAP, Aa3 stable, a1), as announced on Sept. 27. The parent's long-term senior unsecured and adjusted baseline credit assessment were downgraded by one notch to Aa3 and a1, respectively.

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