Core, integrated subsidiary of highly rated parent, HSBC Holdings PLC Demonstrated support from the parent to subsidiaries in the U.S., which is a key market for the group Strong risk-adjusted capitalization Broadly subpar and volatile profitability History of higher regulatory and legal risks Higher-than-peers' exposure to capital markets 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
