Fitch rates HSBC program BBB+

Fitch Ratings said it assigned a BBB+ rating to Parkway Life MTN Pte. Ltd.'s S$500 million multi-currency medium-term note program. Proceeds will be used for the purposes of on-lending to HSBC Institutional Trust Services (Singapore) Ltd., in its capacity as trustee of Parkway Life REIT, to refinance existing borrowings, investments, general working capital and funding purposes.

The rating reflects the agency's view that the senior unsecured notes in the program will rank pari passu with Parkway Life REIT's long-term issuer default rating of BBB+ with stable view.

The company is wholly-owned by HSBC Holdings plc, which is rated AA/F1+ with stable view.

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