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Moody's upgrades baseline credit assessment of Norinchukin Bank

Moody's upgraded the baseline credit assessment and adjusted baseline credit assessment of Japan-based Norinchukin Bank to "a3" from "baa1" and affirmed the other ratings on the lender.

The rating agency on Dec. 18 affirmed the bank's long-term bank deposit and issuer ratings at A1, while the short-term bank deposit rating was affirmed at P-1. The counterparty risk assessment on the Japanese bank was affirmed at A1(cr)/ P-1(cr).

Meanwhile, Moody's also affirmed the long-term issuer rating of unit Norinchukin Australia Pty. Ltd. at A1.

The rating agency said the BCA upgrade reflects the bank's demonstrated ability to control risks within its large investment portfolio by consistently maintaining high-quality and highly liquid assets.

Moody's further said the "a3" BCA reflects its overall assessment of the bank's strong capitalization, liquidity and risks associated with its business model, which involves the management of a large portfolio of investment securities.

The ratings outlook is stable.