S&P rates HSBC Innovation A

S&P said it assigned HSBC Innovation Bank Ltd. (HINV) an A issuer credit rating. HSBC UK Bank plc bought the former U.K. subsidiary of Silicon Valley Bank and renamed it HSBC Innovation Bank. The outlook is stable.

“We view HINV as a highly strategic subsidiary of the HSBC group. Our long-term ratings on HINV are therefore one notch below the equivalent ratings on the HSBC group's core subsidiaries, including ring-fenced bank HSBC UK Bank plc (HSBC UK; A+/stable/A-1), which is HINV's immediate parent,” the agency said in a press release.

The stable outlook reflects HSBC UK Bank’s stable outlook, S&P said.

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