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S&P Gives HSBC Private Bank Positive Rating

Stephen Harris

19 December 2005

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.