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Long-term foreign-currency deposit rating downgraded to C2 from C1
downgraded to Baa2 from A3; subordinate debt rating downgraded to Baa3
HSBC USA Capital Trust III: preferred stock downgraded to Baa1 (hyb)
Class M-1 downgraded to 'BBB' from 'AA+' placed on Rating Watch Negative';
7 million class A-2C downgraded to 'BBB' from 'AAA', remains on Rating Watch Negative (BL: 44.
2 million class M-10 downgraded to 'CC' from 'BBB-' (BL: 12.
1 million class M8 downgraded to 'C' from 'B' (BL: 10.
Class B-5 downgraded to 'C/DR3' from 'BBB-' and taken off Rating Watch Negative;
Class I-M-2 downgraded to 'BBB' from 'A', and placed on Rating Watch Negative;
Class B-4 downgraded to 'C/DR5' from 'B', removed from Rating Watch Negative.
If the transaction does not close, Fitch expects that the ratings of the holding company would be downgraded to a level no higher than 'CC' and the IFS ratings would be downgraded to no higher than 'CCC'.
The five downgraded credits associated with Pontiac, MI were also placed on RWN pending the release of fiscal 2006 audited results which are expected to show additional deficits.