Fitch Ratings-Dubai/London - 23 May 2011: Fitch Ratings has affirmed HSBC Bank Middle East Limited's (HBME) USD5bn trust certificate issuance programme Long-term rating at 'AA-' and assigned HBME Sukuk Company Limited's senior unsecured fixed-rate trust certificates an expected Long-term rating of 'AA-(exp)'.

The final ratings on the notes are contingent upon receipt of final documents conforming to information already received by Fitch.

The ratings reflect HBME's Long-term Issuer Default Rating ('AA-'/Stable) due to the purchase undertaking which requires HBME to repurchase the Sukuk assets on the scheduled or any earlier dissolution dates from HBME Sukuk Company Limited. The notes rank as senior unsecured obligations of the bank.

HBME is the HSBC group's main vehicle for its Gulf/Middle Eastern operations. HBME's network is spread out across the region with branches in the UAE, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Territories.

HBME Sukuk Company Limited is a special purpose vehicle, incorporated in the Cayman Islands solely to act as the issuer of the certificates and trustee for the certificate holders.

-Ends-

Contact:
Primary Analyst
Karim Soueissi
Analyst
+971 4 4081807
Fitch Ratings Ltd,
DIFC, Gate Village,
GV07 Level 1, Office 2,
PO Box 506527,

Secondary Analyst
Mahin Dissanayake
Director
+971 4 4081806

Committee Chairperson
Bridget Gandy
Managing Director
+44 20 3530 1095

Media Relations: Hannah Warrington, London, Tel: +44 20 3530 1153, Email: hannah.warrington@fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 16 August 2010, 'Short-Term Ratings Criteria for Corporate Finance', dated 02 November 2010, and 'Rating Sukuk', dated 15 October 2010 are available at www.fitchratings.com.

Applicable Criteria and Related Research:
Short-Term Ratings Criteria for Corporate Finance -- Amended
Rating Sukuk
Global Financial Institutions Rating Criteria

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© Press Release 2011