Moody’s revises HSBC Holdings and subs’ outlook to stable
Moody’s Investors Service has revised the outlook on HSBC Holdings plc (”HSBC”, senior at Aa2/P-1) and related subsidiaries including HSBC Finance Corporation (senior at Aa3; “HFC”) to stable from positive. (Please see full list of affected entities below).
All of the firms’ ratings were affirmed.
Commenting further, Moody’s said that the revision of the outlook to stable reflects the deterioration in the intrinsic financial strength of HSBC’s US operations, most notably HFC as well as the challenges that the rating agency expects the group will be facing over the remainder of 2007 and during 2008 due to the more difficult global credit environment.