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.
* S&P Global Ratings affirmed Taiwan Shin Kong Commercial Bank Co. Ltd.'s long- and short-term issuer credit ratings at BBB and A-2, respectively. The outlook is stable.
* Fitch Ratings affirmed the long-term issuer default ratings of Oversea-Chinese Banking Corp. Ltd., United Overseas Bank Ltd., DBS Bank Ltd. and DBS Group Holdings Ltd. at AA-, with stable outlooks. The viability ratings of the companies were affirmed at "aa-."
* Fitch affirmed DBS Bank (Hong Kong) Ltd.'s long-term issuer default rating at AA- and assigned the bank a viability rating of "a-." The outlook is stable.
* Fitch also affirmed DBS Bank (Taiwan) Ltd.'s long-term issuer default rating at AA- and its national long-term rating at AAA(twn). The outlooks are stable.
* Fitch affirmed United Overseas Bank (China) Ltd.'s long- and short-term issuer-default ratings at A+ and F1, respectively. The outlook is stable.
* Moody's changed the outlook on South Korea's Daegu Bank Ltd. to negative after completing a review for downgrade.
* Fitch affirmed Sumitomo Life Insurance Co.'s insurer financial strength and long-term issuer default ratings at A. The outlook is stable.
* A.M. Best affirmed China Taiping Insurance Holdings Co. Ltd. unit China Taiping Insurance (Singapore) Pte. Ltd.'s financial strength and long-term issuer credit ratings at A (Excellent) and "a," respectively. The outlook on the ratings is stable.
* Fitch upgraded the viability ratings of China Construction Bank Corp., Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. to "bb+" from "bb." At the same time, it affirmed the long- and short-term issuer default ratings of the three banks, as well as Agricultural Bank of China Ltd. and Bank of Communications Co. Ltd., at A and F1, respectively. The outlooks are stable.
* Separately, Fitch affirmed Bank of Communications, Taipei Branch's national long- and short-term ratings at AA+(twn) and F1+(twn), respectively. The outlook is stable.
* Fitch affirmed the Maldives' long-term foreign-currency issuer default rating at B+, with a stable outlook.
* S&P assigned J.P. Morgan Securities Australia Ltd. long- and short-term issuer credit ratings of A+ and A-1, respectively, with a stable outlook.
* Moody's assigned first-time ratings to South Korea's Shinhan Financial Group Co. Ltd. and its units, Shinhan Investment Corp. and Shinhan Bank Japan.
* S&P upgraded Security Bank Corp. and affirmed the ratings of Development Bank of the Philippines. The outlook on Security Bank is stable, while the outlook on Development Bank of the Philippines is positive.
* Fitch affirmed the insurer financial strength rating on China-based Huatai Property & Casualty Insurance Co. Ltd. at A (Strong). The outlook is stable. Huatai Property & Casualty is a unit of Huatai Insurance Group Co. Ltd.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.