Leading market position in Hong Kong Strong funding and liquidity Strong capital and earnings High systemic importance in Hong Kong 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 reflects our expectation that The Hongkong and Shanghai Banking Corp. Ltd. (HSBC Asia Pacific) will maintain its strong business position, capital and earnings, and liquidity, and above-average funding profile over the next 24 months. It also reflects our view that the bank will continue to benefit from potential extraordinary support from the Hong Kong government in times of stress, and remain a core subsidiary of the HSBC group. We believe that an upgrade is
