Fitch downgrades HSBC USA

Fitch Ratings said it downgraded HSBC USA Inc.’s and subsidiary, HSBC Bank USA, NA’s long-term issuer default ratings to A+ from AA-, and maintained the rating watch negative.

“This rating action follows Fitch’s rating action on ultimate parent company, HSBC Holdings plc (HSBC). The downgrades of HSBC’s viability rating, long-term IDR and senior debt ratings reflect a downward revision by Fitch of the group’s business model, execution, and earnings VR scores. HSBC’s long-term IDR and senior debt ratings are driven by, and aligned with, its VR,” Fitch said in a press release.

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