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Fitch Removes HSBC Bank (Uruguay) from Rating Watch Negative; Ratings Affirmed
April 7, 2014 / 6:37 PM / 4 years ago

Fitch Removes HSBC Bank (Uruguay) from Rating Watch Negative; Ratings Affirmed

(The following statement was released by the rating agency) MONTERREY, April 07 (Fitch) Fitch Ratings has affirmed HSBC Bank (Uruguay) S.A.'s long-term Issuer Default Ratings (IDRs) and Support Rating. The ratings were removed from Rating Watch Negative. The long-term Rating Outlook is now Stable. KEY RATING DRIVERS The Rating Watch Negative was resolved following the announcement that the expected acquisition of HSBC Bank (Uruguay) by the Colombian Banco GNB Sudameris will no longer take place. Even though the Uruguayan bank continues on sale, Fitch expects HSBC Holdings plc's (HSBC) support will be forthcoming, which drives the Stable Outlook. HSBC Bank (Uruguay)'s IDRs and Support Rating remain linked to those of its ultimate parent, HSBC Holdings plc (rated by Fitch at 'AA-' with Outlook Stable), reflecting Fitch's view that there is a high probability of support due to reputational considerations in spite of its Limited Strategic Importance. RATING SENSITIVITIES HSBC Bank (Uruguay)'s ratings remain sensitive to HSBC Holdings plc's capacity and willingness to provide support until the Uruguayan entity is sold. In the event the sale of HSBC Bank (Uruguay) takes place, its ratings may vary according to its new shareholder's credit profile. The following ratings for HSBC Bank (Uruguay) were affirmed and removed from Rating Watch Negative: --Long-term foreign currency IDR at 'BBB', Rating Outlook Stable; --Long-term local currency IDR at 'BBB+', Rating Outlook Stable; --Support rating at '2'. Contact: Primary Analyst Alejandro Tapia Director +52 818 399 9156 Fitch Mexico S.A. de C.V. Prol. Alfonso Reyes 2612 64920 Monterrey, Mexico Secondary Analyst Diego Alcazar Director +1-212-908-0396 Committee Chairperson Rene Medrano Senior Director +503 2516 6610 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: Additional information is available on Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria', dated 31 Jan. 2014; --'Rating FI Subsidiaries and Holding Companies', dated 10 Aug. 2012. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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