Fitch Affirms HSBC Bank (Uruguay) S.A.'s Ratings.

BUENOS AIRES, Argentina -- Fitch Ratings has affirmed HSBC Bank (Uruguay) S.A.'s ratings as follows:

--Long-term foreign currency IDR at 'BB'; Positive Outlook;

--Long-term local currency IDR at 'BB+'; Positive Outlook;

--Support rating at '3';

--National long-term rating at 'AAA(uy)'; Stable Outlook;

The international ratings of HSBC Bank (Uruguay) are constrained by those of the sovereign. The bank's foreign currency IDR is at the country ceiling, while its local currency IDR is two notches above that of the Uruguayan sovereign. The Outlook of the foreign and local currency IDRs is positive reflecting the Positive Outlook of the sovereign's ratings.

HSBC Bank (Uruguay)'s ratings reflect the bank's solid ownership structure and its shareholder's strong commitment to the bank.

HSBC Bank (Uruguay) is fully owned by HSBC Latin America Holdings (UK) Limited, which in turn is a subsidiary of HSBC Holdings Plc. It offers personal financial services mainly to non-resident individuals and corporate and commercial banking services largely to Argentine and Uruguayan companies, as well as multinational clients of the HSBC Group.

Credit research on HSBC Bank (Uruguay) is available on the Fitch Ratings subscription web site at www.fitchresearch.com, or by contacting the Ratings Desk in London: [phone].

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.