Moody’s ups, withdraws HSBC Bank Canada

Moody’s Ratings said it upgraded the senior unsecured rating of HSBC Bank Canada to Aa1 from A1 with a stable outlook following the close of its acquisition by Royal Bank of Canada, rated Aa1, on Thursday. Previously, the ratings were on review for upgrade.

Subsequently, Moody's said it will withdraw all the ratings and assessments of HSBC Bank Canada, except for C$1 billion and C$1.5 million long-term deposit notes due in December and March 2025 respectively, and $1.25 million of senior unsecured notes due in May 2026, which will remain outstanding.

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