Moody’s downgrades HSBC

Moody's Investors Service said it downgraded the long-term senior unsecured debt ratings of HSBC Holdings plc to A2 from A1 and the long-term deposit and senior unsecured debt ratings of HSBC Bank plc to Aa3 from Aa2.

Concurrently, the agency upgraded HSBC France’s long-term senior unsecured debt rating to Aa3 from A2 and long-term deposit ratings to Aa3 from A1.

Moody's maintained the negative outlook on HSBC Holdings’ and HSBC Bank’s ratings and changed the outlook on HSBC France’s ratings to stable from negative.

"The downgrade of HSBC Holdings plc's long-term senior unsecured ratings by one notch to A2 is driven by a deterioration in the operating environments in key markets in which HSBC operates, including the U.K., Hong Kong, as well as strategic markets such as China, Mexico, Canada and the Middle East," Moody’s senior vice president Alessandro Roccati said in a news release.

The long-term counterparty risk assessment of HSBC Bank was downgraded to Aa2(cr) from Aa1(cr) and the counterparty risk assessment of HSBC France was affirmed at Aa2(cr).

The Prime-1 short-term deposits ratings of HSBC Bank and HSBC France and the provisional Prime-1 short-term program ratings of HSBC Holdings, HSBC Bank and HSBC France were affirmed.

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