S&P boosts 10 Hong Kong financial companies

Standard & Poor's said it had raised its local and foreign currency long-term corporate credit ratings on 10 of Hong Kong's leading financial institutions and companies to AA from AA-.

The outlooks are stable.

The revision follows a corresponding revision earlier today to the rating on the Hong Kong Special Administrative Region (AA/stable/A-1+), the agency added.

The following companies and financial institutions were affected: Hang Seng Bank Ltd. (AA/stable/A-1+), Hong Kong Mortgage Corp. Ltd. (AA/stable/A-1+), Hongkong and Shanghai Banking Corp. Ltd. (AA/stable/A-1+), HSBC Bank Australia Ltd. (AA/stable/A-1+), HSBC Insurance (Asia) Ltd. (AA/stable), HSBC Life (International) Ltd. (AA/stable), Airport Authority Hong Kong (AA/stable), Kowloon Canton Railway Corp. (AA/stable/A-1+), MTR Corp. Ltd. (AA/stable/A-1+) and Hong Kong Link 2004 Ltd. (AA/stable).

The agency added that the ratings on Hang Seng Bank, Hongkong and Shanghai Banking, HSBC Bank Australia, HSBC Insurance (Asia) and HSBC Life (International) are now aligned with the ratings on other core subsidiaries of HSBC Holdings plc (AA-/stable/A-1+).

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