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DBRS cuts HSBC Finance
DBRS said it downgraded the ratings of HSBC Finance Corp., including its senior debt rating to A (low) from A.
Concurrently, DBRS confirmed the company's R-1 (low) commercial paper rating.
The trend on all ratings is stable.
The rating action follows DBRS's downgrade of the ratings of HSBC Holdings plc, HSBC Finance's ultimate parent, to AA from AA (high).
The downgrade takes into account HSBC's recent fines and customer redress costs (including anti money laundering in the U.S. and Payment Protection Insurance in the U.K.), which demonstrate a weaker operational risk profile than is commensurate with the prior rating level, the agency said.
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