Credit ratings

		Moody's		S&P*		Fitch		DBRS
		Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating
Europe
HSBC Holdings plc	Long Term/Senior	Aa2	Negative	AA-	Negative	AA	Negative	AA (high)
HSBC Holdings plc	Short Term	P-1		A-1+		F1+		R-1 (high)
HSBC Bank plc	Long Term/Senior	Aa2	Negative	AA	Negative	AA	Negative	not rated
HSBC Bank plc	Short Term	P-1		A-1+		F1+		not rated
HSBC France	Long Term/Senior	Aa3	Negative	AA	Negative	AA	Negative	not rated
HSBC France	Short Term	P-1		A-1+		F1+		not rated
Asia (Hong Kong)
The Hongkong and Shanghai Banking Corporation Ltd	HK$ issues
	Long Term/Senior	Aa1	Stable	AA	Negative	not rated		not rated
	Short Term	P-1		A-1+		not rated		not rated
	Non-HK$ issues
	Long Term/Senior	Aa1	Stable	AA	Negative	AA	Negative	not rated
	Short Term	P-1		A-1+		F1+		not rated
USA
HSBC USA Inc.	Long Term/Senior	A1	Negative	AA-	Negative	AA	Negative	AA
HSBC USA Inc.	Short Term	P-1		A-1+		F1+		R-1 (high)
HSBC Bank USA NA	Long Term/Senior	Aa3	Negative	AA	Negative	AA	Negative	AA
HSBC Bank USA NA	Short Term	P-1		A-1+		F1+		R-1 (high)
HSBC Finance Corporation	Long Term/Senior	A3	Negative	A	Negative	AA-	Negative	A
HSBC Finance Corporation	Short Term	P-1		A-1		F1+		R-1 (low)

*Standard and Poor's

Last rating change: 9 March 2009

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