HSBC Asia Pacific has been strengthening its capitalization through capital instruments issuance over the past two years, resilient profitability, and slower asset growth. An increasingly challenging environment due to China's economic slowdown and rebalancing, and the mainland's close linkage to Hong Kong temper these benefits, in our view. We are affirming our 'AA-' long-term and 'A-1+' short-term issuer credit ratings on HSBC Asia Pacific. In addition, we are affirming our 'cnAAA' long-term and 'cnA-1+' short-term Greater China regional scale ratings on the bank. At the same time, we are affirming the ratings on the bank's outstanding notes. The stable outlook reflects our expectation that HSBC Asia Pacific will maintain its strong stand-alone credit profile and continue to benefit from potential
