Very strong franchise in Hong Kong Strong earnings and asset quality Status as a core member of the HSBC group Modest to modestly high operating risk Concentrated exposure to property The ratings on Hongkong and Shanghai Banking Corp. Ltd. (HSBC Asia-Pacific) reflect the bank's status as a core entity of the HSBC group, led by HSBC Holdings PLC (HSBC Holdings; AA-/Stable/A-1+). As a result, Standard&Poor's Ratings Services incorporates one notch of uplift into the long-term rating on the bank. The ratings also reflect the bank's leading position in the domestic banking sector in Hong Kong, its extensive presence in the Asia-Pacific region, and its very strong brand name and franchise. HSBC Asia-Pacific's standalone credit profile is constrained by
