DBRS changes HSBC Canada trend to negative

DBRS said it changed the trend on all ratings of HSBC Bank Canada to negative from stable, including its long-term issuer rating of A (high). This follows DBRS’ trend change on the long-term issuer rating of the bank’s parent, HSBC Holdings plc to negative from stable.

DBRS said it could revert the trend on the ratings to stable if the group’s credit profile remains more resilient than currently anticipated amid a deteriorating operating environment in Hong Kong and mainland China, combined with evidence of a successfully implemented new restructuring plan.

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