DBRS has announced that it:
has today changed the trends on all ratings of HSBC Bank Canada to Stable from Negative, following the trend change on the long-term issuer rating of HSBC Holdings plc (the Parent). (Please see the related DBRS press release for HSBC Holdings plc released today.)
DBRS ratings of HSBC Bank Canada are based on the relationship it has with its ultimate parent, HSBC Holdings plc, which is one of the largest global banking groups. DBRS’s long-term issuer rating of HSBC Holdings plc is now AA (high) with a Stable trend.
Under DBRS’s bank rating methodology, DBRS has assigned HSBC Bank Canada a support assessment of SA1, reflecting a strong expectation of timely support from HSBC Holdings plc. The guaranteed debts are rated at the same level as the Parent.
Given the strategic nature of the relationship between HSBC Bank Canada and HSBC Holdings plc but lack of an explicit guarantee, the non-guaranteed long-term deposits and senior debt rating of HSBC Bank Canada has been assigned a rating one notch lower than HSBC Holdings plc.
HSB issues were last mentioned on PrefBlog when they were downgraded to Pfd-2(high) [Trend Negative] by DBRS as part of a mass downgrade of Canadian banks’ preferreds and IT1C paper.
HSB currently has three preferred share issues outstanding: HSB.PR.C and HSB.PR.D (PerpetualDiscount) and HSB.PR.E (FixedReset). All are tracked by HIMIPref™ and incorporated within the indicated indices.
This entry was posted on Friday, January 28th, 2011 at 11:09 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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HSB: Credit Trend Now Stable, Says DBRS
DBRS has announced that it:
HSB issues were last mentioned on PrefBlog when they were downgraded to Pfd-2(high) [Trend Negative] by DBRS as part of a mass downgrade of Canadian banks’ preferreds and IT1C paper.
HSB currently has three preferred share issues outstanding: HSB.PR.C and HSB.PR.D (PerpetualDiscount) and HSB.PR.E (FixedReset). All are tracked by HIMIPref™ and incorporated within the indicated indices.
This entry was posted on Friday, January 28th, 2011 at 11:09 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.