Standard & Poor’s has assigned HSBC Private Bank (Monaco) (PBMC) counterparty credit ratings of ‘AA-’ long-term and ‘A-1+’ short-term. The accreditations mark the first Standard & Poor’s rating ever to be assigned to a bank in Monaco.

“We are extremely proud to receive these ratings, and particularly for being the first bank in Monaco ever to do so,” said Gerard Cohen, CEO of PBMC. “The ratings reflect the exceptional quality of our products and services and the HSBC Group. They underpin the high standards our clients expect and deserve.”

Knowing the importance of a solid rating to clients, PBMC approached Standard & Poor’s to invite them to make an evaluation. Standard & Poor’s conducted a review and assigned a rating of AA-/Stable/A-1+.

“Many ultra high net worth clients make decisions in a similar way to institutional clients. This means they often check the credit rating prior to committing significant funds to a bank,” said Gerard Cohen. “We are delighted that we can now offer our clients that extra peace of mind on a local as well as Group level.”

The rating is the same as for HSBC Private Banking Holdings (Suisse) SA and HSBC Private Bank (Suisse) SA.

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