The ratings on U.K.-incorporated HSBC Bank PLC (HSBC Bank) reflect Standard&Poor's Rating Services' view of its position covering the European operations within HSBC Holdings PLC (the group; AA-/Stable/A-1+), its own strong business profile, and our consideration that its financial profile is above average compared with major U.K. peers, benefiting in particular from its very strong funding and liquidity profiles. HSBC Bank is a wholly owned, direct subsidiary of the group, the ultimate holding company. HSBC Bank comfortably satisfies our criteria as a core subsidiary of the group, and this relationship benefits the long-term counterparty credit rating on the bank by one notch to bring it in line with the 'AA' rating on the group's core operating entities. We
