Fitch affirms HSBC Mexico

Fitch Ratings said it affirmed the international and national scale ratings of the HSBC Mexico, SA, as well as the national scale ratings of its local brokerage unit, HSBC Casa de Bolsa, SA de CV.

The ratings were affirmed due to the strong propensity of its ultimate parent HSBC Holdings plc to provide support if needed, Fitch said.

HSBC Mexico's long-term issuer default rating was affirmed at A-, short-term issuer default rating was affirmed at F1, long-term local-currency issuer default rating at A, short-term local-currency issuer default rating at F1, viability rating at BBB, ,long-term national scale rating at AAA(mex), short-term national scale rating at F1+(mex), long-term national scale rating for local senior unsecured debt issues at AAA(mex) and long-term national scale rating for local subordinated debt issues at AAA(mex).

HSBC Casa de Bolsa's long-term national scale rating also was affirmed at AAA(mex) and short-term national scale rating at F1+(mex).

The outlook is stable.

Mexico is a priority growth market for HSBC Holdings and HSBC Mexico is a strategically important subsidiary, Fitch said.

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