Fitch trims HSBC Bank Canada

Fitch Ratings said it downgraded HSBC Bank Canada’s long-term issuer default rating to A+ from AA-. The ratings remain on rating watch negative. HSCA’s a+ viability rating is unaffected by today’s action.

“This rating action follows Fitch’s downgrade of HSCA’s parent, HSBC Holdings PLC’s (HSBC) long-term IDR to A+ from AA-, reflecting a downward revision by Fitch of the group’s business model, execution and earnings. HSBC’s long-term IDR remains on negative watch,” said Fitch in a press release.

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