Household HSBC Watch

NEW YORK, June 19 - Standard & Poor’s on Monday raised its ratings on HSBC Holdings Plc. and its subsidiaries, citing greater diversification earnings, and stabilization of its consumer finance business. “The upgrade of holdings reflects the increasingly strongly diversified earnings profile and global reach of the well-managed HSBC group, and the reduced downside risk at HSBC Finance as it has become further integrated into group operations,” S&P said in a statement.

In a statement released by Household - HSBC Watch, a consumer advocacy and watchdog organization that monitors HSBC, the group said S&P is accurate in stating that HSBC Finance is further integrated, but warned that such integration is crucial in SEC and multi-state investigations of HSBC complaints. “Because of HSBC Finance - formerly named Household International - HSBC is more vulnerable now than ever before. Predatory and borderline events continue to this day, as practiced by Household International in 1994″ the group said. “HSBC simply thinks it is protected because contracts signed by consumers insulate HSBC from legal action, whereas the SEC and state attorneys general have no such contract with HSBC.”