Largest contributor of cross-border revenue to HSBC Holdings PLC, indicating its high level of strategic importance to the consolidated group Integral to parent's global commercial banking strategies Strong risk-adjusted capitalization Higher-than-peers exposure to capital markets Broadly subpar and volatile profitability Uncertainty about whether multiyear business restructuring will significantly improve financial performance 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 the 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. We could lower the ratings if we believed that
