(Editor's Note: In the bulletin published earlier today the short-term local currency rating on Hongkong and Shanghai Banking Corp. Ltd. was misstated. A corrected version follows.) Standard and Poor's said today that the announcement by the Hongkong and Shanghai Banking Corp. Ltd. (HSBC AP; local currency rating AA-/Stable/A-1+, foreign currency rating A+/Stable/A-1) of a 1% increase in net profit after tax for the year ended Dec. 31, 2001 does not affect its ratings on the bank. HSBC AP's profitability, as measured by net income before minority interests to average assets, decreased marginally to 1.72% in 2001 from 1.75% a year earlier because of higher loan loss provision expenses. Difficult economic conditions in Hong Kong, the bank's key market, are likely
