DBRS affirms HSBC Bank

DBRS said it confirmed the ratings of HSBC Bank Canada and its related entities, including the bank's non-guaranteed long-term deposits and senior debt at AA and short-term instruments at R-1 (high).

All trends remain negative.

The ratings are based on a strong expectation of timely support from its parent HSBC Holdings plc, as well as added revenue-generating opportunities using the HSBC Holdings' global distribution network and client contacts, cost efficiencies, risk-management expertise and the potential as an alternative funding source, the agency said.

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