Standard & Poor's Ratings Services has revised its outlook on HSBC Holdings Plc (Holdings), including its private banking subsidiary HSBC Private Bank (Suisse) S.A., to positive from stable. Standard & Poor's said the revision reflected the company's strong and growing earnings diversification.

Also revised were the outlooks on key subsidiaries HSBC Private Banking Holdings (Suisse) S.A. and HSBC Private Bank (Monaco) S.A., which Standard & Poor's changed to positive from stable. Standard & Poor's also affirmed the 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on these entities.

In a statement, Standard & Poor's credit analyst Michelle Brennan commented: "The outlook revisions reflect the increasingly strongly diversified earnings profile and global reach of the well-managed HSBC group."

Clive Bannister, CEO of HSBC Private Bank, said: “We are delighted Standard & Poor's has chosen to revise our outlook to positive. This move is a reflection of our continued success and high quality of service across Group Private Banking and the HSBC Group as a whole.”

In June 2005, Standard & Poor's assigned HSBC Private Bank (Monaco) S.A. counterparty credit ratings of 'AA-' long-term and 'A-1+' short-term, marking the first Standard & Poor's rating ever to be assigned to a bank in Monaco.

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