Fitch Upgrades HSBC Bank's -- Uruguay -- Long-Term Debt to 'B+' After the Sovereign Upgrade.BUENOS AIRES Buenos Aires (bwā`nəs ī`rēz, âr`ēz, Span. bwā`nōs ī`rās), city and federal district (1991 pop. , Argentina -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has upgraded the long-term foreign currency ratings of HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Bank (Uruguay: HSBC(uy)) to 'B+' from 'B' following a similar action taken on Uruguay's sovereign ratings earlier this week. At the same time, Fitch fitch: see polecat. has upgraded HSBC(uy)'s long-term national rating to 'AA(uy)' from 'AA-(uy)'. The Outlook on both ratings is Stable. The bank's support rating of '4' has also been affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. . The ratings assigned to HSBC(uy) reflect its good liquidity, as well as the strength and backing of its shareholder, HSBC Holdings plc. (Long-term foreign currency rating of 'AA-' with a Positive Outlook by Fitch). In addition, the bank's weak asset quality and operating performance are also considered. At the end of 2004, HSBC(uy) reported assets and equity of US$111.8 million and US$12 million, respectively. For the full ratings report, see the Fitch Uruguay web site www.fitchratings.com.uy. The following rating actions were taken by Fitch: HSBC Bank (Uruguay) S.A. --Long-term foreign currency rating upgraded to 'B+' from 'B' with a Stable Rating Outlook; --National long-term ratings upgraded to 'AA(uy)' from 'AA-(uy)'; --Support Rating affirmed at '4'. |
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