Fitch affirms HSBC

Fitch Ratings said it affirmed HSBC Holdings plc's long-term issuer default rating at AA.

The outlook is stable.

"Like most banks, HSBC faces earnings and asset quality pressures in the medium-term in several of its key geographies and business lines," James Longsdon, a managing director at Fitch, said in a written statement.

"However, the group's diversified business model means its earnings and risk profile are likely to be less volatile than many of its peers' over the long-term," Longsdon said. "We consider the funding and liquidity profile of the group's banking subsidiaries to be strong and to have been an important differentiator for the group during the recent extreme market stresses."

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