Overview Key strengths Key risks High level of strategic importance to the consolidated group as the largest contributor of cross-border revenue to HSBC Holdings PLC Higher-than-peers exposure to capital markets Integral to parent?s global commercial banking strategies Broadly subpar and volatile profitability Strong risk-adjusted capitalization Uncertainty about whether multiyear business restructuring will significantly improve financial performance We view the creditworthiness of these subsidiaries as strongly aligned with their U.K. parent. We base this on HSBC Bank USA's close operational integration with the rest of the group, the strategic importance of HSBC's U.S. operations (as the largest contributor of cross-border revenue to HSBC), and the materiality of its capital base relative to the group. For these reasons, we rate HSBC USA
