Moody's drops HSBC Finance

Moody's Investors Service said it lowered the long-term senior debt ratings of HSBC Finance Corp. to A3 from Aa3.

The company's Prime-1 short-term rating was affirmed, the agency said.

The outlook is stable.

Moody's noted that the rating action follows the announcement by the company's ultimate parent, Aa2-rated HSBC Holdings plc that it will wind down, with the exception of the credit card and retail services business, branch-based finance operations and receivables portfolio.

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