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 horizon. As we would have scope to apply a second notch for additional loss-absorbing capacity (ALAC) in the event that we lowered the ratings on HSBC UK's parent, ratings downside appears limited absent a change in our view of its group status. We don't anticipate raising the ratings while the ongoing impact of COVID-19 mutes HSBC's earnings prospects and management progresses with its transformation program. Over time, we could consider raising the ratings if HSBC can demonstrate statutory earnings and
