...Parent Support Drives Ratings: HSBC Trinkaus & Burkhardt GmbH's (HSBC Germany) support-driven Issuer Default Ratings (IDRs) and Shareholder Support Rating (SSR) are based on Fitch Ratings' view of an extremely high likelihood of support by the bank's intermediate parent, HSBC Bank plc (HSBC Bank, AA-/Negative/F1+) and by its ultimate parent, HSBC Holdings plc (HSBC, A+/Negative /F1+), if needed. The Negative Outlook on HSBC Germany mirrors that on HSBC Bank and HSBC. Buffers Protect Senior Creditors: HSBC Bank's Long-Term IDR is one notch above HSBC's Long-Term IDR. This reflects our expectation that HSBC's plans are likely to result in HSBC Germany's external senior creditors being protected and avoiding default if the group fails. HSBC Germany's strategic value for HSBC lies in its access to large and medium-sized export- driven German companies as well as its stable revenue contribution from its capital-light securities services business. Close Integration: HSBC Germany derives a competitive...
