HSBC Bank Canada: Rating Report

On July 8, 2019, DBRS Limited confirmed the ratings of HSBC Canada. The rating confirmations reflect HSBC Canada’s important position in the global franchise of the Group; as such DBRS assigned an SA1 to the Bank, which implies strong and predictable support from the Group, if required. With this support, HSBC Canada’s rating will likely move in tandem with the Group’s rating. Accordingly, HSBC Canada’s long-term ratings are one notch below the Group’s rating of AA (low), reflecting that it operates in a different jurisdiction than its parent.