Key ratings factor is company's core importance to highly rated parent Large and diverse U.S business franchise integral to parent's strategy Sizable deposit base Weakening asset quality Large corporate loan exposures Weak core earnings, compounded by recent high loan loss provisions and trading asset write-downs Moderate capital levels, but clear evidence of parent support The ratings on HSBC USA Inc. and its bank subsidiary, HSBC Bank USA N.A., reflect the implied and demonstrated support of their ultimate parent, HSBC Holdings PLC ('AA-/Stable'). The most significant ratings factor is our belief that HSBC USA is a core, integral subsidiary of the HSBC group, which has had a longstanding strategic presence in the U.S. markets, as well as HSBC Holding's track record
