...High Probability of Group Support: HSBC France S.A.'s Issuer Default Ratings (IDRs) are equalised w ith those of its ultimate parent, HSBC Holdings plc (HSBC; AA -/RWN/F1+). The IDRs reflect Fitch Ratings' view of an extremely high probability that HSBC w ould support HSBC France through HSBC Bank plc (AA -/RWN/F1+), its direct parent, if required. This view is derived from the subsidiary's role w ithin HSBC. Key Part of HSBC: France is one of HSBC's important markets and HSBC France is the group's largest subsidiary in continental Europe (about 10% of group assets). It is HSBC's trading and market-making platform for euro-denominated sovereign, supranational, agency, covered bonds and structured interest-rate derivatives. In 2018 and 1H19, HSBC France integrated HSBC's operations in nine European countries. It is fully integrated w ithin HSBC in terms of business, strategy, risks, capital and funding. Com pany Profile Drives VR: HSBC France's Viability Rating (VR) reflects the bank's company...
