Moody’s Downgrades HSBC Middle East’s Deposit Ratings
Press release
Moody’s has downgraded HSBC Middle East’s long-term deposit ratings from A2 to A3.
Moody’s Investors Service downgraded on Monday HSBC Bank Middle East’s long-term deposit ratings to A3 from A2, and downgraded the bank’s adjusted baseline credit assessment to A3 from a2.
The downgrade of deposit ratings reflects the “weakening capacity of HSBC Holdings to provide support,” Moody’s said. In late September, Moody’s assigned HSBC Holdings an a2 notional group baseline credit assessment, a notch lower than the previous a1.
HSBC Holdings’ lower assessment reflects the deteriorating operating environments in its key markets including the UK and Hong Kong.
Source: Gulf News
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Background Information
Moody's
Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody's Corporation (NYSE: MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. The Corporation, which reported revenue of $4.4 billion in 2018, employs approximately 13,200 people worldwide and maintains a presence in 42 countries.
HSBC
HSBC is one of the largest banking and financial services organisations in the world, with operations in 66 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.
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