S&P Global Ratings affirmed the ratings of threeHSBC Holdings Plcinsurance units in Asia with stable outlooks, despite its outlook on the parentcompany to negative from stable.

S&P affirmed HSBC Life (International) Ltd. and 's AA-local currency long-term insurer financial strength and issuer credit ratings.The two companies' "cnAAA" long-term Greater China regional scaleratings were also affirmed.

HSBC Insurance(Singapore) Pte. Ltd.'s A+ local currency long-term insurerfinancial strength and issuer credit ratings were also affirmed. The company'slong-term ASEAN regional scale rating was affirmed at "axAAA."

S&P expects the three subsidiaries to receive continuedsupport from their immediate parent Hongkong & Shanghai Banking Corp. Ltd. and from thegovernment of Hong Kong for Hongkong & Shanghai Banking. As such, S&P'snegative outlook on HSBC will not affect the subsidiaries, according to creditanalyst Eunice Tan.

The rating agency could upgrade or downgrade the insurers'ratings if it makes a similar ratings action on Hongkong & ShanghaiBanking. It could also downgrade the companies' ratings if their capital andearnings position deteriorates or if they become less important to the HSBCgroup.

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.