S&P Global Market Intelligence presents a summary of ratings actions on Asia-Pacific financial institutions and economies. Ratings actions are listed by announcement date in reverse chronological order.
* Moody's said the initial public offerings of SBI Life Insurance Co. Ltd. and ICICI Lombard General Insurance Co. Ltd. are credit positive for their respective parents, State Bank of India and ICICI Bank Ltd., because the proceeds will allow the lenders to strengthen their loss-absorbing buffers.
* A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of nib nz limited (nib nz) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best's interactive rating process.
* Moody's raised the outlooks on HSBC Bank (China) Co. Ltd. and Hang Seng Bank (China) Ltd. to stable from negative. The rating agency affirmed the long-term deposit rating of HSBC Bank (China) at A1 and upgraded the bank's baseline credit assessment to "baa2" from "baa3." The agency also affirmed Hang Seng Bank (China)'s long-term deposit rating at A2, baseline credit assessment at "ba1" and adjusted BCA at "a2."
* Fitch Ratings affirmed New Zealand-based Heartland Bank Ltd.'s long-term foreign-currency issuer default rating at BBB with a stable outlook. The bank's short-term foreign-currency issuer default rating and viability rating were affirmed at F2 and "bbb," respectively.
* Fitch Ratings affirmed the national long-term ratings on five small and mid-sized Sri Lankan banks. The national long-term ratings of Nations Trust Bank Plc and Pan Asia Banking Corp. Plc were affirmed at A(lka) and BBB-(lka), respectively. The national long-term rating of Amãna Bank Plc was affirmed at BB(lka), while those of Union Bank of Colombo Plc and SANASA Development Bank Plc were affirmed at BB+(lka). The outlook on Union Bank of Colombo's rating is positive, while the outlooks on the rest are stable.
* S&P Global Ratings raised its outlook on Japan's Sumitomo Life Insurance Co. to positive from stable following an improvement in the insurer's capital level. The rating agency also affirmed the insurer's financial strength and long-term counterparty credit ratings at A.
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