...Diversified Global Group: HSBC Holdings plc's (HSBC) ratings are driven by its diversified universal banking model which, in Fitch Ratings' view, will continue to perform resiliently over economic cycles. The ratings reflect HSBC's low risk appetite, reliable earnings and its ability to set strategy, redistribute resources and manage its network of international subsidiaries. Integrated Banking Group: Fitch aligns HSBC's Issuer Default Rating (IDRs) with the IDRs of its major subsidiaries as the holding company and its key operating entities are highly integrated and key businesses are globally managed. Regulators' initiatives to protect bank creditors have not resulted in IDR uplifts for HSBC's banks as their high ratings benefit from collaboration and diversification while the banks' junior debt buffers have remained small. No Impact from Double Leverage: HSBC's IDRs and Viability Rating (VR) are not notched down for holding company reasons as the double leverage of HSBC and its group...
