Moody’s lowers Ratings for HSBC PLC
Due to deterioration in HSBC’s U.S. operations Moody’s took acton today. Moody’s Investors Service said Thursday it has lowered the ratings outlook for HSBC Holdings PLC, Europe’s largest bank, and its subsidiaries to “Stable” from “Positive” due to weakness in the company’s U.S. operations. Moody’s also affirmed the company’s ratings at investment grades, including HSBC’s “Aa2″ senior rating, as well as HSBC Finance Corp.’s “Aa3″ senior rating and “P-1″ short term rating. HSBC Finance is HSBC’s U.S. consumer finance division, formerly known as Household International.
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