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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.

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Jun 25, 2012
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