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Moody's downgrades HSBC Bank Middle East.

Action follows the downgrade of parent's rating

Moody's Investors Service has downgraded the long-term local and foreign-currency deposit ratings of HSBC Bank Middle East Limited (HBME) by one notch to A2 from A1 and affirmed the C- bank financial strength rating (BSFR), which has been remapped to a standalone credit assessment to baa2 from baa1. All ratings carry a stable outlook.

This rating action concludes the review initiated by Moody's on 21 February 2012.

Today's rating action reflects the rating downgrade of HBME's parent HSBC Holdings, which indicates a reduced capacity of the parent bank to provide capital and funding support to its subsidiary, as well as HBME's performance relative to regional and similarly rated global peers.

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Publication:CPI Financial
Date:Jun 25, 2012
Words:131
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