Exceptional franchise in Hong Kong Very strong financial profile supported by superior customer deposit base 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 (AA-/Negative/A-1+). The core operating entities of the HSBC group are rated 'AA/Negative/A-1+'. 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. These are important factors behind the bank's superior customer deposit base, and support its very
