Fitch affirms HSBC

Fitch Ratings said it affirmed HSBC Mexico's long-term issuer default rating at A-, short-term issuer default rating at F1, long-term local-currency issuer default rating at A, short-term local-currency issuer default rating at F1, 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).

The outlook is stable.

The ratings are driven by the potential support that the bank would receive from its ultimate parent HSBC Holdings plc (AA/stable), the agency said.

The ratings will likely remain driven by sovereign and/or country ceiling considerations, unless the propensity/capacity of HSBC to provide support to HSBC Mexico decreases significantly, which Fitch currently considers very unlikely, the agency added.

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