Moody’s: HSBC Bank Malaysia to stable

Moody's Investors Service said it affirmed HSBC Bank Malaysia Bhd.’s long-term A1 local currency and A3 foreign currency deposit ratings, and its short-term P-1/P-2 local and foreign currency deposit ratings.

Concurrently, the agency affirmed the baseline credit assessment, adjusted baseline credit assessment of baa1/a1 and A1(cr)/P-1(cr) counterparty risk assessments (CRA).

These actions follow the downgrade of its parent bank, Hongkong and Shanghai Banking Corp. Ltd. (HBAP, Aa3 stable, a1) on Sept. 27. The parent bank's long-term senior unsecured ratings were downgraded to Aa3 from Aa2, while its adjusted BCA was downgraded to a1 from aa3.

The outlook on HSBC Bank Malaysia’s ratings was revised to stable from negative, mirroring the stable outlook on Hongkong and Shanghai Banking’s ratings.

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