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3 years ago
Fitch Affirms HSBC Bank (Chile)'s IDRs at 'A'; Outlook Stable
August 1, 2014 / 7:33 PM / 3 years ago

Fitch Affirms HSBC Bank (Chile)'s IDRs at 'A'; Outlook Stable

(The following statement was released by the rating agency) NEW YORK, August 01 (Fitch) Fitch Ratings has affirmed HSBC Bank (Chile)'s long-term foreign and local currency Issuer Default Ratings (IDRs) at 'A' with a Stable Outlook. A full list of the rating actions follows at the end of this release. KEY RATING DRIVERS - IDRS, SUPPORT AND NATIONAL RATINGS HSBC Bank (Chile)'s IDRs, support and national ratings reflect the potential support from its parent company, HSBC Holdings Plc. (long-term IDR rated 'AA-'/Stable Outlook by Fitch), even though is considered by Fitch to be of limited importance for its shareholder because of its small size within the group and in its local market. HSBC Bank (Chile)'s long-term IDRs are two notches below the parent's. The bank's National Long-Term ratings of 'AAA(cl)' also reflects the relative position of creditworthiness within the Chilean market. The bank's '1' Support Rating reflects Fitch's belief that potential support, if needed, remains strong for this subsidiary. Fitch does not assign a Viability Rating (VR) to HSBC Bank (Chile), as it does not view the company as a standalone entity that can be viewed as independent of its parent. The Stable outlook for HSBC Bank (Chile)'s IDRs and National ratings mirrors that of its parent's IDRs. RATING SENSITIVITIES - IDRS AND NATIONAL RATINGS HSBC Bank (Chile)'s IDRs would move in line with those of its parent. The national scale ratings could be affected by a downgrade of HSBC. RATING SENSITIVITIES - SUPPORT RATING HSBC Bank (Chile)'s Support rating could be downgraded if its parent's ability and / or propensity to provide support decreases significantly, which is not considered likely in the medium term. HSBC Bank (Chile) is small and focused on commercial and global banking and markets business, targeting large Chilean companies, global corporate and financial institutions offering treasury products and investment and corporate banking services, benefitting from the size, diversification and credit quality of its parent. Fitch has affirmed HSBC Bank (Chile)'s ratings as follows: --Foreign and local currency long-term IDR at 'A'; Outlook Stable; --Foreign and local currency short-term IDR at 'F1'; --Support '1'; --National long-term rating at 'AAA (cl)'; Outlook Stable; --National short-term rating at 'N1+ (cl)'. Contact: Primary Analyst Diego Alcazar Director +1-212-908-0396 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Santiago Gallo Director +562 2499-3320 Committee Chairperson Alejandro Garcia Senior Director +52 (81) 8399-9146 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. Additional information available in 'www.fitchratings.cl' or 'www.fitchratings.com'. Applicable Criteria and Related Research: --Global Rating Criteria for Financial Institutions (Jan. 31, 2014); --Rating of Financial Subsidiaries and Banking Holdings (Aug. 10, 2012); Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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