S&P: HSBC Bank Brasil S. A. 'BB/B' Ratings Affirmed And Withdrawn At Issuer's Request
On Aug. 3, 2015, HSBC Holdings PLC (A/Negative/A-1) announced the sale of its Brazilian subsidiary to Banco Bradesco S. A. (BB/Negative/B) for $5.2 billion. We viewed HSBC Bank Brasil as a core entity of Bradesco, therefore, we equalized its ratings to those of its controlling shareholder.