Fitch Upgrades HSBC Bank (Uruguay) S.A.; Assigns Local Currency IDR.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 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) S.A.'s long-term foreign currency issuer default rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) to 'BB-' from 'B+', its Support Rating to '3' from '4' and its national long-term rating to 'AAA(uy)' from 'AA(uy)'. At the same time, Fitch has assigned a long-term local currency IDR of 'BB+'. The Rating Outlook on the foreign and local currency IDR and the national rating is Stable. 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. These ratings, along with the bank's support rating, reflect the bank's solid ownership structure and its shareholder's strong commitment to the bank. The operating environment in Uruguay has improved in the past two years and is now less volatile. Consequently, the restrictions on Fitch's national ratings have been left behind and this led to the upgrade on HSBC Bank (Uruguay)'s national rating. Bank (Uruguay) offers personal banking services, as well as commercial banking services to important clients of the HSBC Group. Bank (Uruguay) is fully owned by HSBC Latin America Holdings (UK) Limited, which in turn is a subsidiary of HSBC Holdings Plc. Credit research on HSBC Bank (Uruguay) is available on the Fitch Ratings subscription web site, www.fitchresearch.com, or by contacting the Ratings Desk in London: +44 20 7417 6300. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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