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Asia-Pacific ratings roundup through Nov. 24

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Asia-Pacific ratings roundup through Nov. 24

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.

Nov. 24

* Moody's raised the ratings of Philippine National Bank and Rizal Commercial Banking Corp., partly due to the likelihood of support from the Philippine government in times of need and the stable operating environment for banks in the country. The outlook on the two banks' ratings is stable. The outlook on the two banks' ratings is stable.

* S&P Global Ratings affirmed its unsolicited long- and short-term foreign and local currency sovereign credit ratings on India at BBB-/A-3. The outlook is stable.

* A.M. Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of "a" of China Reinsurance (Group) Corp. and its subsidiaries, China Property & Casualty Re Co. Ltd., China Life Reinsurance Co. Ltd. and China Continent P&C Insurance Co. Ltd. The outlook is stable.

Nov. 23

* Fitch Ratings raised the long-term issuer default rating of AIA Group Ltd. to AA- from A+ and affirmed the insurer financial strength ratings of units AIA Co. Ltd. and AIA International Ltd. at AA. The outlook is stable.

Nov. 22

* A.M. Best downgraded the outlook on India-based Oriental Insurance Co. Ltd. to negative from stable and affirmed its long-term issuer credit rating at "bbb+." The rating agency also affirmed the company's financial strength rating of B++ (Good). The outlook of the financial strength rating remains stable.

* S&P affirmed Far East Horizon Ltd.'s BBB- long-term and A-3 short-term credit ratings. The company's stand-alone credit profile stands at "bb+." The outlook is stable.

* Fitch affirmed the national long- and short-term ratings of PT BFI Finance Indonesia Tbk at AA-(idn) and F1+(idn), respectively. The outlook is stable.

Nov. 21

* Moody's assigned an A2 long-term issuer rating and Prime-1 short-term issuer rating to ICBC International Holdings Ltd., with a stable outlook.

* Fitch affirmed Fukoku Mutual Life Insurance Co.'s insurer financial strength and long-term issuer default ratings at A (Strong) and A-, respectively. The outlook is stable.

Nov. 20

* Fitch raised the outlook on Mongolia-based Khan Bank LLC, XacBank LLC and State Bank LLC to positive from stable following the outlook revision on Mongolia. In addition, the rating agency affirmed all of the lenders' ratings.

* Separately, Fitch affirmed ratings of five Thai policy banks, with stable outlooks. The banks are Bank for Agriculture & Agricultural Co-operatives, Export-Import Bank of Thailand, or EXIM Bank, Government Housing Bank, Islamic Bank of Thailand and Small & Medium Enterprise Development Bank of Thailand.

* S&P raised its outlook on Sri Lanka to stable from negative, saying it expects the country to maintain its reform momentum over the next year. The long-term and short-term sovereign credit ratings were affirmed at B+ and B, respectively.

* S&P raised its outlook on Sri Lanka-based National Savings Bank and People's Leasing & Finance Plc to stable from negative following the outlook revision on Sri Lanka. Meanwhile, the rating agency affirmed the long- and short-term issuer credit ratings of both financial institutions at B+ and B, respectively.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.