In recent months, regulators and other authorities have censored the HSBC group for alleged control failings, notably with regard to U.S. anti-money laundering standards. In our view, these issues may carry some specific negative rating implications for HSBC, including its Asia-Pacific entities. We are affirming our ratings on HSBC Holdings PLC, the group's rated intermediate holding companies, and ratings on most of the group's subsidiaries. We are revising to negative from stable our outlook on the long-term rating on HSBC Holdings PLC, as well as on the rated intermediate holding companies, and the group's "core" and "highly strategic" subsidiaries, except for The Hongkong and Shanghai Banking Corp. Ltd. (HBAP) and its subsidiaries. With the exception of HSBC Insurance (Asia), we
