Moody's rates HSBC Bank Middle East notes Aa2

Moody's Investors Service said it assigned an Aa2 long-term rating to the AED2.25 billion senior unsecured floating rate notes issued by HSBC Bank Middle East Ltd., under its $7 billion program. The rating is at the same level as the Aa2 deposit rating assigned to the bank. The debt issuance program has a senior unsecured rating of Aa2 and a subordinated rating of Aa3.

Moody's said the program originally was launched in November 2004 with a total issuance capacity of $1 billion. The amount was increased in September 2006 and in January 2008, to $3 billion and $7 billion respectively, without material changes to its terms and conditions.

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