Largest contributor of cross-border revenue to HSBC Holdings PLC, emblematic of its high level of strategic importance to the consolidated group Strong risk-adjusted capitalization Broadly subpar and volatile profitability Elevated level of nonperforming assets (NPAs) Regulatory risk related to numerous enforcement actions The rating outlook on HSBC USA Inc. and its bank subsidiary, HSBC Bank USA N.A., is stable, reflecting S&P Global Ratings' outlook on their parent, HSBC Holdings PLC (HSBC). We expect our ratings on HSBC USA and HSBC Bank USA to move in tandem with our ratings on HSBC, given that we assess these entities as "core" subsidiaries of HSBC under our group rating methodology. The stable outlook on the parent reflects our expectation that HSBC will maintain
