NEW YORK (Standard&Poor's CreditWire) July 16, 1999--Standard&Poor's today placed the ratings of HSBC USA Inc. and its subsidiaries on CreditWatch with positive implications, reflecting the anticipated merger of HSBC USA Inc. with Republic New York Corp. (RNYC), and HSBC Bank USA with Republic National Bank of New York, NY (see list). On May 10, 1999, Standard&Poor's revised the outlook on HSBC USA Inc. and HSBC Bank USA to positive from stable. Republic National Bank of New York, NY, Safra Republic Holdings S.A., and Republic National Bank of New York (Canada) remain on CreditWatch with negative implications. The rating of RNYC (single-'A'-plus/A-1) is affirmed with a stable outlook. Standard&Poor's will clarify precisely how
