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Moody's assigns counterparty risk ratings to units, branches of 7 large banks

Moody's assigned counterparty risk ratings to rated units and branches of seven large European lenders June 13.

The rating agency assigned long- and short-term local- and foreign-currency counterparty risk ratings of Aa2/Prime-1 to HSBC Holdings PLC's HSBC Bank Plc, HSBC Bank Plc Sydney Branch and HSBC France SA.

Barclays PLC's Barclays Bank PLC, Barclays Bank PLC Australia Branch, Barclays Bank PLC New York Branch, Barclays Bank PLC Paris, Barclays Bank PLC (Singapore Branch), Barclays Bank PLC (Tokyo Branch) and Barclays Bank PLC Hong Kong were assigned long- and short-term local- and foreign-currency counterparty risk ratings of A2/Prime-1.

Deutsche Bank AG, Deutsche Bank AG London, Deutsche Bank AG New York Branch, Deutsche Bank AG Paris Branch, Deutsche Bank AG, Singapore Branch and Deutsche Bank AG Sydney Branch were given A3/Prime-2 long- and short-term local- and foreign-currency counterparty risk ratings.

Moody's assigned BNP Paribas SA, BNP Paribas Dublin Branch, BNP Paribas (Australia Branch) and BNP Paribas New York Branch long- and short-term local- and foreign-currency counterparty risk ratings of Aa3/Prime-1.

The agency assigned A1/Prime-1 long- and short-term local- and foreign-currency counterparty risk ratings to Société Générale SA and Société Générale Australia Branch and to Credit Suisse Group AG, Credit Suisse AG London Branch, Credit Suisse AG Guernsey Branch, Credit Suisse AG (Nassau) Branch, Credit Suisse AG New York Branch, Credit Suisse AG (Sydney) Branch, Credit Suisse AG (Tokyo) Branch and Credit Suisse International.

UBS Group AG's UBS AG, UBS AG Australia Branch, UBS AG Jersey Branch, UBS AG London Branch, UBS AG New York Branch, UBS AG Stamford and UBS Ltd. were given long- and short-term local- and foreign-currency counterparty risk ratings of Aa3/Prime 1, with the long-term ratings placed on review for downgrade. Moody's also assigned UBS Ltd. long and short-term counterparty risk assessments of Aa3(cr)/Prime-1(cr), with the long-term rating on review for downgrade.

The counterparty risk rating reflect the entities' ability to honor the uncollateralized portion of non-debt counterparty financial liabilities and the expected financial losses if such liabilities are not honored, Moody's noted.