Fitch Ratings has placed an AA- rating on The Hong Kong and Shanghai Banking Corporation's HK$1 billion senior unsecured digital notes, according to a Wednesday release.
The notes' rating aligns with the bank's long-term issuer default rating, reflecting Fitch's view that ample junior debt and equity buffers from parent HSBC Holdings (HKG:0005) protect third-party senior creditors.
Changes in the bank's rating would trigger similar actions on the notes, Fitch said.
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