HSBC Private Bank's two main subsidiaries in Switzerland and Monaco have had their outlook revised to positive from stable by Standard & Poor’s, the international ratings agency. S&P also affirmed the 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on these two subsidiaries. S&P said the revision reflected the company's strong and growing earnings diversification. In June 2005, the ratings agency assigned HSBC Private Bank (Monaco) counterparty credit ratings of ‘AA-’ long-term and ‘A-1+’ short-term, marking the first S&P rating ever to be assigned to a bank in Monaco.