High systemic importance in Hong Kong Very strong, market-leading business position Strong funding and liquidity Core member, and integral subsidiary, of the global HSBC group Exposure to China and emerging markets with higher economic risk than Hong Kong High, albeit well-managed, exposure to the Hong Kong property sector The stable outlook on HBAP reflects our belief that the bank will continue to demonstrate stand-alone credit characteristics consistent with our current view, have "high" systemic importance in Hong Kong, and that the government of Hong Kong will continue to be "highly supportive" of the banking sector. Further, we expect no change to HBAP's "core" status within its global HSBC parent group. We currently believe that a potential rating upgrade is less
