Dubai: Moody’s Investors Service downgraded on Monday HSBC Bank Middle East’s long-term deposit ratings to A3 from A2, and downgraded the bank’s adjusted baseline credit assessment to A3 from a2.
The downgrade of deposit ratings reflects the “weakening capacity of HSBC Holdings to provide support,” Moody’s said. In late September, Moody’s assigned HSBC Holdings an a2 notional group baseline credit assessment, a notch lower than the previous a1.
HSBC Holdings’ lower assessment reflects the deteriorating operating environments in its key markets including the UK and Hong Kong.
