S&P keeps HSBC Bank Brasil on watch

Standard & Poor’s said its BB+/B issuer credit ratings on HSBC Bank Brasil SA remain on CreditWatch, where they had been placed with negative implications on Sept. 10.

The ratings on HSBC Brasil reflects its “adequate” business position, “weak” capital and earnings, “adequate” risk position, “average” funding and “strong” liquidity, S&P said in a news release. The stand-alone credit profile is bb.

Following the announcement on Aug. 3 that HSBC Holdings plc had agreed to sell its Brazilian subsidiary HSBC Bank Brasil to Banco Bradesco SA, S&P said it changed the group status on HSBC Brasil to “nonstrategic” from “moderately strategic” to HSBC Holdings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.