...IDRs Equalised with HSBC: HSBC France's Issuer Default Ratings (IDRs) are equalised with those of its ultimate parent, HSBC Holdings plc (HSBC; AA-/Stable/F1+), and reflect the subsidiary's role in the HSBC group. France is one of the group's priority markets and HSBC France is its largest subsidiary in the eurozone (about 10% of group assets). Key Part of HSBC's Business: HSBC France is the group's trading and market-making platform for euro-denominated sovereign, supranational, agency and covered bonds, as well as structured interest-rate derivatives. It is also responsible for the coverage of French corporate clients. Strategy, risk management, funding and liquidity are fully integrated within HSBC. Wholesale Banking Dominant: HSBC France's Viability Rating (VR) reflects the bank's fairly successful corporate bank and selected capital markets activities combined with a small retail and private banking franchise. The rating also reflects the bank's modest profitability, moderate risk...
