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. 30
* S&P Global Ratings withdrew its BBB+ long-term issuer credit rating on Japan's ORIX Bank Corp. at the bank's request. At the time of withdrawal, the outlook was stable.
* Fitch Ratings assigned Zhongyuan Asset Management Co. Ltd. long-term foreign and local currency issuer default ratings of BBB, with a stable outlook.
Aug. 29
* S&P Global Ratings affirmed the B- long-term and B short-term sovereign credit ratings on Pakistan. The outlook for the long-term rating is stable.
* Fitch affirmed Korea Housing Finance Corp.'s long- and short-term foreign-currency issuer default rating at AA- and F1+, respectively. The outlook is stable.
* Moody's affirmed the ratings of six Japanese banks, including Japan Trustee Services Bank Ltd. and Norinchukin Bank, and revised the outlook for Shoko Chukin Bank Ltd. to stable from negative.
* Moody's upgraded Shinsei Bank Ltd.'s long-term bank deposit ratings to Baa1 from Baa2 due to the bank's demonstrated ability to generate stable profits despite the current ultra-low interest rates and intense competition in Japan.
* Meanwhile, Moody's placed Mitsubishi UFJ Lease & Finance Co. Ltd.'s A3 long-term issuer rating on review for downgrade. The outlook was changed to ratings under review from stable.
* In addition, Moody's placed the long-term deposit ratings of more than a dozen Japanese banks, including 77 Bank Ltd., The Daishi Bank Ltd., Gunma Bank Ltd., Hiroshima Bank Ltd., Joyo Bank Ltd., San-in Godo Bank Ltd., Resona Bank Ltd. and Saitama Resona Bank Ltd., on review for downgrade.
Aug. 28
* Moody's downgraded India-based Yes Bank Ltd.'s long-term issuer and deposit ratings to Ba3 from Ba1, with a negative outlook.
* Moody's affirmed the A1 long-term senior unsecured debt and deposit ratings of Sumitomo Mitsui Financial Group Inc., Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. It also placed MUFG Bank Ltd.'s "a3" baseline credit assessment and adjusted BCA on review for downgrade.
Aug. 27
* S&P Global Ratings placed the BB long-term and B-short-term foreign currency issuer ratings of India's IDBI Bank Ltd. on CreditWatch with negative implications.
* S&P Global Ratings assigned Bank of the Philippine Islands long- and short-term issuer credit ratings of BBB+ and A-2, respectively. The outlook is stable.
* S&P Global Ratings lowered its ratings on Australia's AMP Ltd. to BBB+ from A-, and those on the group's operating subsidiaries by one notch each. AMP Bank Ltd.'s long-term issuer credit rating was downgraded to BBB+ from A-, while its short-term issuer credit rating was affirmed at A-2.
Aug. 26
* Moody's assigned Bank of Communications (Hong Kong) Ltd. local currency and foreign currency long-term deposit ratings of A2, and short-term deposit ratings of P-1, with a stable outlook.
Aug. 25
* S&P Global Ratings assigned South Korea's KB Financial Group Inc. long- and short-term issuer credit ratings of A and A-1, respectively. The outlook is stable.
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.
