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Asia-Pacific ratings roundup through Aug. 16


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Asia-Pacific ratings roundup through Aug. 16

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.

Aug. 16

* Fitch Ratings upgraded the long-term foreign-currency issuer default rating of Industrial Bank Co. Ltd. to BBB- from BB+ and affirmed the issuer default ratings of five other Chinese mid-tier commercial banks at BB+.

Aug. 15

* S&P Global Ratings withdrew the issuer credit ratings of Australia's Qudos Mutual Ltd. at the company's request.

Aug. 14

* Moody's downgraded Indiabulls Housing Finance Ltd.'s long-term corporate family rating to Ba2 from Ba1. The outlook on the company's ratings was lowered to negative from stable.

* S&P Global Ratings affirmed the A- long-term and A-2 short-term issuer credit ratings on Japan Trustee Services Bank Ltd. and Trust & Custody Services Bank Ltd., with positive outlooks.

Aug. 12

* S&P Global Ratings maintained AMP Bank Ltd.'s A-/A-2 ratings on CreditWatch with negative implications following AMP Ltd.'s announcement of a revised agreement with Resolution Life regarding the sale of its Australian and New Zealand wealth protection and mature businesses, AMP Life. Ratings said the sale will likely weaken the AMP group's creditworthiness, which will impact both the implicit and explicit support the bank receives from the group.

Aug. 11

* Fitch Ratings affirmed the long-term foreign-currency issuer default rating of New Zealand-based Kiwibank Ltd. at AA-, with a stable outlook.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.