|
|
Article: MOODY'S DOWNGRADES HSBC PRIVATE BANK TO AA3
- Article from:
- Info-Prod Research (Middle East)
- Article date:
- April 12, 2009
CopyrightCopyright 2009 Info-Prod Research (Middle East). Provided by ProQuest LLC. (Hide copyright information)
|
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 outlook on HSBC Private ...