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Announcement:

Moody's affirms HSBC Holdings' ratings (senior at Aa2, positive outlook) and selected subsidiaries on announcement of higher credit provisions

08 Feb 2007
Moody's affirms HSBC Holdings' ratings (senior at Aa2, positive outlook) and selected subsidiaries on announcement of higher credit provisions

London, 08 February 2007 -- Moody's Investors Service today affirmed the ratings of HSBC Holdings plc (senior at Aa2, positive outlook) and selected subsidiaries including HSBC Finance Corporation (senior at Aa3, positive outlook, "HF") on the group's announcement that as a result of higher losses in its Mortgage Services Operations of HF, the total loss provisions for the group for the year 2006 will exceed the current analyst consensus estimates by some 20% (approximately U.S.1.8 billion). Please see related announcement on HSBC Finance Corporation.

In affirming the ratings, Moody's said that while the increase in provision is material in absolute terms, it believes that the HSBC group can absorb the loss when compared against its annualised first-half 2006 pre-provision income of $64 billion. Moody's added however that it will be monitoring the group's asset quality trends - in particular in the unsecured retail portfolio- as well as the credit processes across the group.

Moody's added that HSBC Holdings' Aa2 senior debt rating reflects progress made by HSBC in integrating the acquisitions made in recent years, the resulting improved quality and diversification of earnings, and the group's strong financial fundamentals combined with its conservative risk profile.

The ratings are also supported by the strong financial fundamentals of the HSBC group, including aspects such as pre-provision profitability, cost efficiency, liquidity and asset quality, which are compatible with peers at the Aa2 rating level. The HSBC Group has been consistently able to maintain good financial fundamentals, even through the financial crises in Asia and in Argentina and Latin America.

Based in London, HSBC Holdings plc reported total consolidated assets of U.S.$1,738 billion as of 30 June 2006.

London
Lynn Exton
Senior Vice President
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Antonio Carballo
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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