The ratings on HSBC USA Inc. and its bank subsidiary, HSBC Bank USA N.A., reflect the implied and demonstrated support of their ultimate parent, HSBC Holdings PLC (AA-/Negative/A-1+). A very significant ratings factor is our belief that HSBC USA is a core, integral subsidiary of the HSBC group, which has had a longstanding strategic presence in the U.S. markets. Most important is HSBC Holding's track record of equity contributions to HSBC USA. Capitalizing on the group's brand name, HSBC USA is a key U.S. platform for the group, mainly because of its sizable U.S. deposit base and its diverse U.S. lending businesses. The ratings also consider HSBC USA's stand-alone creditworthiness, which is somewhat aided by its business profile, but which
