Standard&Poor's Ratings Services' 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-/Stable/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. The group provides support when needed. Capitalizing on the group's brand name, HSBC USA is the key U.S. platform. With $186 billion in assets as of June 30, 2010, HSBC USA is one of the 10 largest U.S. banks with a strong concentration in New York State. Although the company's retail branch franchise is mainly limited to
