The rating is at the same level as the Aa2 deposit rating assigned to HSBC Bank Middle East Limited.
Moody's explains that HSBC Bank Middle East Limited's debt issuance programme was originally launched in November 2004 with a total issuance capacity of $1bn. The amount was increased in September 2006 and in January 2008, to USD 3billion and $7bn respectively, without material changes to its terms and conditions. Moody's currently maintains the following ratings on HSBC Bank Middle East Limited's $7bn debt issuance programme:
-Senior Unsecured Aa2
-Subordinated Aa3
HSBC Bank Middle East Limited is incorporated in Jersey and reported assets of $37.15bn at end-2007.
Moody's rates senior debt of HSBC Bank Middle East Limited at Aa2
Moody's Investors Service has assigned a Aa2 long-term rating to the Dhs2.25bn senior unsecured floating rate notes issued by HSBC Bank Middle East Limited, under its %7bn programme.
- United Arab Emirates: Tuesday, May 06 - 2008 at 12:50
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LimassolMardig Haladjian
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Financial Institutions Group
Moody's Investors Service Cyprus Limited
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Anouar Hassoune
VP - Senior Credit Officer
Financial Institutions Group
Moody's France S.A.
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SUBSCRIBERS: 44 20 7772 5454
Copyright 2008, Moody's Investors Service, Inc. and/or its licensors and affiliates including Moody's Assurance Company, Inc. (together, 'MOODY'S').
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, May 06 - 2008 at 12:50 UAE local time (GMT+4)
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