Fitch affirms HSBC Bank

Fitch Ratings said it downgraded HSBC Bank Middle East's individual rating to C and removed it from Rating Watch negative. Fitch also affirmed the bank's long-term issuer default rating at AA-, short-term issuer default rating at F1+ and senior notes at AA-.

The outlook is stable.

The removal of the individual rating from Rating Watch follows Fitch's assessment of the impact of the debt restructuring of major Dubai government-related entities on the bank's risk and financial profile, the agency said.

The banks ratings reflect the belief that there is an extremely high probability that support would be provided by the parent HSBC Holdings plc, the agency added.

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