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Fitch affirms HSBC USA
Fitch Ratings said it affirmed HSBC USA Inc.'s and subsidiary HSBC Bank USA, NA's long-term issuer default ratings at AA-.
The agency said the action follows Fitch's action on ultimate parent company, HSBC Holdings plc.
As wholly owned subsidiaries of HSBC, HSBC USA’s and HSBC Bank USA’s long- and short-term issuer default ratings are linked to those of their parent company, the agency said.
Fitch said the difference in notching reflects a view of the varying levels of operational importance and expected support.
The agency said it views HSBC USA and HSBC Bank USA as highly integrated with the wider group, evidenced by their significant outbound revenue generation and reliance on the HSBC global offering.
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