Fitch Ratings on Wednesday downgraded HSBC Bank Middle East's (HBME) due to weakening asset quality.
The bank is a subsidiary of HSBC Holdings.
It was Individual Rating was downgraded to 'C' and removed it from Rating Watch Negative (RWN). The agency has also affirmed the bank's Long-term Issuer Default Rating (IDR) at 'AA-', Short-term IDR at 'F1+' and Support Rating at '1' as well as the senior unsecured notes at 'AA-'. The Outlook on the Long-term IDR is Stable.
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