Fitch lowers HSBC

Fitch Ratings said it has downgraded the long-term issuer default rating of HSBC Holdings plc to AA- from AA following the agency's periodic review of the group.

The outlook is revised to stable from negative.

Fitch has taken similar actions on the long-term issuer default ratings of HSBC Bank plc, the Hongkong and Shanghai Banking Corp. Ltd. and HSBC Latin America Holdings (UK) Ltd.

At the same time, Fitch said it has affirmed Hang Seng Bank Ltd.'s long-term issuer default rating at A+.

The agency said it also downgraded HSBC USA Inc.'s long-term issuer default ratings to AA- from AA. The outlook has been revised to stable from negative.

The downgrade of the long-term issuer default rating is in conjunction with the downgrade of HSBC Holdings, and the agency added that the equalized issuer default ratings of HSBC Holdings and its core subsidiaries reflect Fitch's view that they share a common overall risk profile due primarily to operational and strategic integration and management along four global business lines.

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