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S&P eyes HSBC Bank Canada positively
S&P said it placed its A+ ratings on HSBC Bank Canada and its senior unsecured debt on CreditWatch with positive implications.
The CreditWatch follows the bank’s parent reporting it agreed to sell its Canadian subsidiary to Royal Bank of Canada, which S&P rates AA-, the agency said.
“The CreditWatch positive placement reflects our view that the likelihood of this acquisition closing is high, and that, in such a scenario, we would expect to equalize the ratings on HSBC Bank Canada with those on RBC, which are one notch higher,” S&P said in a press release.
The deal is expected to close in late 2023, pending regulatory and competition approvals.
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