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Moody's lowers outlooks on HSBC Bank (China), HSBC Bank Australia

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Moody's lowers outlooks on HSBC Bank (China), HSBC Bank Australia

Moody's lowered the outlooks on HSBC Bank (China) Co. Ltd. and HSBC Bank Australia Ltd. to negative from stable following a similar action on its parent, Hongkong & Shanghai Banking Corp. Ltd.

The rating agency said Dec. 18 that it also affirmed HSBC Bank (China)'s long- and short-term issuer and deposit ratings at A1 and P-1, respectively, as well as its "a1" adjusted baseline credit assessment. Its baseline credit assessment remains unchanged at "baa1."

HSBC Bank (China)'s long-term issuer and deposit ratings incorporate multiple notches of uplift based on the assessment of a very high level of affiliate support from the parent when needed.

Meanwhile, Moody's on Dec. 19 affirmed HSBC Bank Australia's long-term issuer rating at A1, as well as its "baa1" baseline credit assessment. The affirmation of the lender's baseline credit assessment reflects its conservative funding profile that is centered on deposits.