Fitch puts HSBC on negative watch

Fitch Ratings said it placed the AA- long-term issuer default ratings on HSBC USA Inc. and subsidiary HSBC Bank USA, NA on Rating Watch negative.

This action does not impact either companies' debt ratings, Fitch said.

This watch follows the placement of the parent company, HSBC Holdings plc, on Rating Watch negative, reflecting heightened uncertainty over the ultimate outcome of the Brexit process, the agency said.

The negative watch also considers a heightened probability that Fitch will assign a negative outlook on the banks in the event of a disruptive "no-deal" Brexit, Fitch added.

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