Fitch Upgrades HSBC Finance Corp Retail Services Seller/Servicer to 'ABPS/S1-'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch upgrades HSBC Finance
HSBC Finance Corporation is a financial services company and a member of the HSBC Group. Corp.'s (HSBC Finance) ABS Seller/Servicer rating for the origination and servicing of its private label credit cards to 'ABPS/S1-' from 'ABPS/S2+'. The upgrade is based on the company's experienced management team, effective use of technology, efficient customer service, and solid human resource management. The upgrade also reflects the financial strength of HSBC Finance (rated 'AA-' by Fitch with a Positive Outlook). Since Fitch's prior review, HSBC Finance has continued to refine its servicing platform through operational and technological improvements, further enhancing the efficiencies and productivity of the HSBC's retail card services division. In particular, through investment in technology, HSBC Finance continues to enhance their analytically driven decision making process for marketing, operations, collections and risk management. HSBC Finance is a wholly-owned indirect subsidiary of HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) North America Holdings, Inc., which in turn is a wholly-owned subsidiary of HSBC Holdings plc (NYSE NYSE See: New York Stock Exchange : HBC HBC a definition for medical records to denote 'hit by car'. ). HSBC is the third largest, third-party private label credit card provider in the U.S. with a managed outstanding of approximately $18 billion as of September 30, 2006. HSBC Finance is the servicer for the Fitch-rated ABS series currently outstanding under its HSBC Private Label Credit Card Master Note Trust (USA) I program. The total invested amount of these series, as of January 2007, is $984 million. A new series is anticipated to be issued from the HSBC Private Label Credit Card Master Note Trust (USA) I in February 2007. Fitch rates ABS seller/servicers on a scale of 1 to 5, with 1 (no '1+') being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For further information on Fitch ABS seller/servicer ratings, refer to the report titled 'Rating U.S. ABS Seller/Servicers' dated April. 20, 2006 and 'Rating U.S. Credit Card Seller/Servicers' dated Oct. 17, 2006 both available on the 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. web site www.fitchratings.com. 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion