Moody’s ups HSBC Mexico ratings

Moody's Investors Service said it upgraded to A3 from Baa1 HSBC Mexico, SA's long-term global local and foreign currency deposit and senior unsecured debt ratings.

The agency also upgraded HSBC Mexico's standalone baseline credit assessment to ba1 from ba2 and its adjusted baseline credit assessment to baa1 from baa2.

HSBC Mexico's long-term Mexican national scale deposit and senior unsecured debt ratings were upgraded to Aaa.mx from Aa1.mx.

The outlook was changed to negative from positive, and is now in line with the negative outlook on the A3 Mexican government debt rating.

At the same time, Moody's upgraded HSBC Casa de Bolsa, SA de CV's long-term global local currency issuer rating to Baa1 from Baa2, and its long-term Mexican national scale issuer rating to Aa1.mx from Aa2.mx.

The outlook on HSBC Casa de Bolsa's ratings was changed to stable from positive.

Moody's affirmed HSBC Mexico's Prime-2 short-term deposit ratings as well as the bank's A3(cr)/Prime-2(cr) long- and short-term counterparty risk assessments.

HSBC Casa de Bolsa's short-term global scale and Mexican national scale issuer ratings of Prime-2 and MX-1 were also affirmed.

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