HSBC Bank PLC will act as HSBC group's U.K. non-ring-fenced bank when the U.K. ring-fencing regime goes live. Following a review of its ring-fencing plans, we conclude that HSBC Bank will remain a core subsidiary of the group because it will continue to be a material entity closely integrated with the group's global network. The continued core status also recognizes that most of the group's activities sit in non-U.K. entities, and these international businesses remain a potential source of support in a U.K. stress scenario. We are affirming our 'AA-/A-1+' long- and short-term issuer credit ratings on HSBC Bank. The negative outlook mirrors that on the bank's parent, HSBC Holdings PLC, and reflects the negative risk trends we see over
