Fitch affirms HSBC Private Banking

Fitch Ratings said it affirmed HSBC Private Banking Holdings (Suisse) SA's long-term issuer default rating at AA and its individual rating at A/B, and removed it from Rating Watch negative. The bank's other ratings have been affirmed at short-term issuer default rating at F1+ and support 1.

Ratings are based on support available within HSBC Group. HSBC Private Bank is fully owned by HSBC Holdings and is the holding company for most of HSBC's global private banking business outside the United States, Germany and France, according to the agency.

The affirmation follows an assessment of the impact of a client data theft incident dating back to 2006, which was confirmed in March, the agency said.

HSBC PB's strong balance sheet, sound liquidity position and adequate capitalization continue to be rating strengths for the group, the agency noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.