We view HSBC Bank PLC as a "core" subsidiary of HSBC group under our criteria. Therefore, its stand-alone credit profile (SACP) does not directly determine its ratings. Rather, we equalize its long-term Issuer Credit Rating with the 'aa-' group credit profile, which includes one notch in respect of additional loss-absorbing capacity (ALAC). Core subsidiary of the HSBC group. Stable and diverse franchise in core markets, particularly the U.K. Strong customer deposit franchise underpins a robust funding profile. Moderate capitalization compared to the wider group. Material litigation and customer redress charges constrain internal capital generation. Sizable corporate and investment banking activity creates some earnings volatility. Standard&Poor's Ratings Services' outlook on U.K.-incorporated HSBC Bank PLC is stable, mirroring that on
