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Fitch assigns final ratings to HSBC's ring-fenced entity

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Fitch assigns final ratings to HSBC's ring-fenced entity

Fitch Ratings on July 2 assigned final long- and short-term issuer default ratings of AA-/F1+ to HSBC UK Bank PLC, the new ring-fenced entity of HSBC Holdings PLC.

The rating agency also assigned "a" viability rating and 1 support rating to the entity.

Fitch also affirmed HSBC Bank PLC's AA-/F1+ long- and short-term issuer default ratings, "a+" viability rating and 1 support rating.

The outlook on both entities' long-term issuer default ratings is stable.

The ratings are aligned with that of the HSBC group and reflect the likelihood of support that the entities would receive from their parent company in case of need, Fitch said, adding that a default of either of the entities would constitute a huge reputational risk to the group.

The ratings actions followed HSBC's completion of the separation of its retail business from its investment banking arm.