Standard&Poor's Ratings Services assigned its 'A+' rating to HSBC Bank USA's planned issuance of $800 million global subordinated notes. At the same time, it affirmed all its ratings on HSBC USA Inc., including its 'A+/A-1' counterparty credit ratings, and the ratings on its subsidiaries, including HSBC Bank USA. The outlook for all is stable. The ratings on the New York State-based HSBC USA Inc., with $96 billion in assets, and on its bank subsidiary, HSBC Bank USA, reflect the implied and demonstrated support of its ultimate parent, HSBC Holdings PLC ('A+/Stable/A-1'). The ratings also factor in HSBC USA's strong franchise in New York State, as well as weak capital measures, adequate earnings, and good asset quality. With loans
