Four HSBC Bank USA N.A. LOC-Supported Issue Ratings Lowered To A+/A-1

NEW YORK (S&P Global Ratings) May 19, 2020--S&P Global Ratings today lowered its ratings on four bond issues backed by letters of credit (LOCs)from HSBC Bank USA N.A., to 'A+/A-1' from 'AA-/A-1+'. Today's rating action reflects the May 13, 2020, lowering of our ratings on HSBC Bank USA N.A. to 'A+/A-1' from 'AA-/A-1+' (See "HSBC Holdings Ratings Lowered To 'A-/A-2' On Muted Earnings Prospects And Extensive Restructuring; Outlook Stable," published May 14, 2020). The long- and short-term components of our rating on the bonds are based on the long- and short-term issuer credit ratings on HSBC Bank USA N.A. ('A+/A-1'), the LOC provider. The long-term component of our rating on the bonds addresses the likelihood, in our view, of full

...NEW YORK (S&P Global Ratings) May 19, 2020--S&P Global Ratings today lowered its ratings on four bond issues backed by letters of credit (LOCs)from HSBC Bank USA N.A., to 'A+/A-1' from '##-/A-1+'. Today's rating action reflects the May 13, 2020, lowering of our ratings on HSBC Bank USA N.A. to 'A+/A-1' from '##-/A-1+' (See "HSBC Holdings Ratings Lowered To 'A-/A-2' On Muted Earnings Prospects And Extensive Restructuring; Outlook Stable," published May 14, 2020). The long- and short-term components of our rating on the bonds are based on the long- and short-term issuer credit ratings on HSBC Bank USA N.A. ('A+/A-1'), the LOC provider. The long-term component of our rating on the bonds addresses the likelihood, in our view, of full and timely payments of interest and principal when the bondholders have not exercised the put option. The short-term component of our rating addresses our expectation of full and timely interest and principal payments when the bondholders have exercised the put...

Ratings Action