Largest contributor of cross-border revenue to HSBC Holdings PLC, illustrating its high level of importance to the consolidated group Strong risk-adjusted capitalization Broadly subpar and volatile profitability Heightened asset quality risks from the U.S. economic downturn amid the COVID-19 pandemic 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. Our ratings on HSBC USA and HSBC Bank USA reflect their position as core operating
