HSBC Bank PLC Ratings Affirmed On Continued Core Status Following Ring Fencing; Outlook Negative

HSBC Bank PLC will act as HSBC group's U.K. non-ring-fenced bank when the U.K. ring-fencing regime goes live. Following a review of its ring-fencing plans, we conclude that HSBC Bank will remain a core subsidiary of the group because it will continue to be a material entity closely integrated with the group's global network. The continued core status also recognizes that most of the group's activities sit in non-U.K. entities, and these international businesses remain a potential source of support in a U.K. stress scenario. We are affirming our 'AA-/A-1+' long- and short-term issuer credit ratings on HSBC Bank. The negative outlook mirrors that on the bank's parent, HSBC Holdings PLC, and reflects the negative risk trends we see over

...+ HSBC Bank PLC will act as HSBC group's U.K. non-ring-fenced bank when the U.K. ring-fencing regime goes live. + Following a review of its ring-fencing plans, we conclude that HSBC Bank will remain a core subsidiary of the group because it will continue to be a material entity closely integrated with the group's global network. + The continued core status also recognizes that most of the group's activities sit in non-U.K. entities, and these international businesses remain a potential source of support in a U.K. stress scenario. + We are affirming our '##-/A-1+' long- and short-term issuer credit ratings on HSBC Bank. + The negative outlook mirrors that on the bank's parent, HSBC Holdings PLC, and reflects the negative risk trends we see over our two-year rating horizon in the group's two largest markets, Hong Kong and the U.K. LONDON (S&P Global Ratings) Oct. 17, 2017--S&P Global Ratings today affirmed its ##-/A-1+' long- and short-term issuer credit ratings on U.K.-incorporated HSBC...

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