...Fitch's assessment of HSBC's operating environment reflects its global presence and its domicile in the UK, where its consolidated supervisor is based. The principal economies in which the group operates have a good degree of resilience to economic shocks, but HSBC is also active in less developed markets, where it targets growth. Fitch's assessment of HSBC's operating environment at `a+' is one notch below the score assigned to domestic UK banks. This is because of its material exposure to potentially more volatile markets....