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Article: SWITZERLAND: MOODY'S DOWNGRADES HSBC PRIVATE BANK TO AA3.
- Article from:
- IPR Strategic Business Information Database
- Article date:
- April 12, 2009
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Moody's Investors Service today downgraded the long-term deposit rating of HSBC Private Bank (Suisse) SA to Aa3 from Aa2 and placed a negative outlook on its B bank financial strength rating (BFSR). Moody's also downgraded the deposit ratings of HSBC Private Banking Holdings (Suisse) to A1 from Aa3. The P-1 short-term ratings were affirmed. The outlook on both entities' deposit ratings is stable. The downgrade of HSBC Private Bank's deposit rating follows the rating action on HSBC Holdings on 9 March 2009; specifically Moody's reassessment of the parent's intrinsic financial strength, which is imputed into HSBC Private Bank's deposit rating. In addition, the negative ...