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DBRS: HSBC USA on watch
DBRS said it placed the ratings of HSBC USA Inc. and its banking subsidiary, HSBC Bank USA, National Association under review with negative implications.
The ratings under review include its issuer and senior debt rating of AA (low).
The company’s short-term instruments rating of R-1 (middle) also was placed under review.
The review was driven by a similar negative review placement on the senior debt and deposit ratings of a number of banking groups in Europe, including HSBC Holdings plc, that benefit from some uplift for systemic support, DBRS said.
Recent developments in European regulation and legislation mean that there is less certainty about the likelihood of timely systemic support for these systemically important banks, the agency said.
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