Fitch Ratings affirmed HSBC's (HKG:0005) long-term issuer default rating at A+ with a stable outlook, according to a Tuesday rating commentary.

The agency also affirmed HSBC's viability rating at A+ and the long-term issuer default ratings of its major banking subsidiaries at AA, all with stable outlooks.

The ratings reflect the lender's diversified global banking franchise, conservative risk profile, strong profitability, and robust capital and liquidity buffers.

Fitch expects the group's operating profit-to-risk-weighted assets ratio to remain around 4% in 2026 and 2027, compared with 4.4% in the first half of 2026.

A sustained decline in capital, a material deterioration in asset quality, or a sharp weakening in profitability could pressure the ratings, the statement said.