DBRS: HSBC Bank Canada under review

DBRS said it placed the long-term deposits and senior debt of HSBC Bank Canada under review with negative implications, along with its subordinated debt ratings.

This change is a direct result of the concurrent rating review of HSBC Holdings plc, the parent entity of HSBC Bank Canada, DBRS said.

The negative review reflects the anticipated changes in regulation concerning government support, the agency said.

DBRS said it currently rates HSBC Bank Canada with a support assessment of SA1 based on the view of strong support from its parent entity.

As a supported rating, the negative review on HSBC Holdings has a flow-through effect on the ratings of HSBC Bank Canada, the agency said.

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