The ratings on Hongkong and Shanghai Banking Corp. Ltd. (HSBC Asia-Pacific) reflect the bank's status as a core entity of the HSBC group, led by HSBC Holdings PLC (AA-/Negative/A-1+). The core operating entities of the HSBC group are rated 'AA/Negative/A-1+'. The ratings also reflect the bank's leading position in the domestic banking sector in Hong Kong, its extensive presence in the Asia-Pacific region, and its very strong brand name and franchise. These are important factors behind the bank's superior customer deposit base, and support its very strong financial profile. HSBC Asia-Pacific's standalone credit profile is constrained by the modest to modestly high industry risk in the banking sectors in Hong Kong and in most of the other Asian markets where
