On July 1, 2018, HSBC Bank PLC (HSBC Bank) intends to transfer qualifying businesses to HSBC UK Bank PLC (HSBC UK), a new entity that will act as the U.K. ring-fenced bank. We are assigning our 'AA-/A-1+' issuer credit ratings and resolution counterparty ratings to HSBC UK because we consider that it will be a core subsidiary of HSBC Group. The outlook on HSBC UK is stable, mirroring that on ultimate parent HSBC Holdings PLC. The planned transfer does not affect our 'AA-/A-1+' ratings and stable outlook on HSBC Bank, which we continue to view as a core subsidiary of HSBC Group. On June 27, 2018, S&P Global Ratings assigned its 'AA-' long-term and 'A-1+' short-term issuer credit ratings to
