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S&P: HSBC outlook stable
Standard & Poor's said it revised the outlook on HSBC Holdings plc and a number of its core subsidiaries to stable from positive and affirmed the AA-/A-1+ counterparty credit ratings.
According to S&P, the outlook revision follows the company's third-quarter trading performance and the further deteriorating credit quality in the consumer lending portfolio of U.S. subsidiary, HSBC Finance Corp. (AA-/stable/A-1+).
Despite higher U.S. impairment charge, HSBC reported that its overall earnings in the third quarter were stronger than the year-earlier quarter. The good underlying growth demonstrates the group's superior diversification, with strong earnings from Asia and the Middle East in particular mitigating the drag from the United States, the agency said.
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