Core subsidiary of the HSBC Group. Relatively healthy funding profile. Material exposure to the leveraged U.K. household sector and risk of weaker economic conditions as the U.K. exits the EU. Market position lags the largest U.K. ring-fenced banks. S&P Global Ratings' stable outlook on HSBC UK Bank PLC (HSBC UK) mirrors that on its ultimate parent, HSBC Holdings PLC (HSBC Group). It reflects our expectation that HSBC Group will maintain robust balance sheet metrics over our two-year outlook time horizon. We could lower the ratings on HSBC UK if we lowered the ratings on its parent, or if our view of its group status weakens. A one-notch lowering of our 'AA' long-term sovereign credit rating on the U.K. would not
