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 it will continue to demonstrate strong stand-alone credit characteristics that are consistent with our current view, and that it will continue to have "high systemic importance" in Hong Kong while at the same time the government of Hong Kong will remain 'highly-supportive" toward the banking sector. Further, we expect no change to HBAP's core status within its global parent HSBC group. We believe
