We expect HSBC Asia Pacific to maintain its capital strength notwithstanding higher-than-expected credit growth, heightened economic risk in Hong Kong, and continued expansion in countries with higher economic risk than in its home market. We are affirming our 'AA-' long-term and 'A-1+' short-term issuer credit ratings on HSBC Asia Pacific. We are also affirming the ratings on the bank's outstanding notes. The stable outlook reflects our expectation that the bank will maintain its strong SACP and continue to benefit from potential government support over the next 24 months, and remain a core subsidiary within the HSBC group. On Nov. 27, 2017, S&P Global Ratings affirmed its 'AA-' long-term issuer credit rating on The Hongkong and Shanghai Banking Corp. Ltd. (HSBC
