Core subsidiary of the HSBC Group. Relatively healthy funding profile. Rising credit losses as COVID-19 impacts the U.K. corporate and household sectors. 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. We don't anticipate raising the ratings while the impact of COVID-19 mutes HSBC Group's earnings prospects and renders them hard to forecast. Over
