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Asia-Pacific ratings roundup through June 15


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Asia-Pacific ratings roundup through June 15

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.

June 15

* Fitch Ratings lowered the outlook on India's Axis Bank Ltd. to negative from stable and downgraded the support rating and support rating floor of ICICI Bank Ltd. to "3" from "2" and to BB+ from BBB-, respectively.

* Moody's lowered the outlook on South Korea's Samsung Securities Co. Ltd. to negative from stable and affirmed its long- and short-term foreign currency issuers rating at Baa1 and P-2, respectively.

* Moody's assigned Aa3 long-term and P-1 short-term counterparty risk ratings to five New Zealand-based banks — ANZ Bank New Zealand Ltd., ASB Bank Ltd., Bank of New Zealand, Westpac New Zealand Ltd. and Kiwibank Ltd.

* Fitch Ratings affirmed the long-term foreign currency issuer default rating of Beijing Shijingshan State-Owned Assets Management Corp. Ltd at A and assigned the company an A long-term local currency issuer default rating.

* A.M. Best affirmed the financial strength of A- (Excellent) and the long-term issuer credit rating of "a-" of Thailand's Thaire Life Assurance Public Company Ltd, with a stable outlook.

June 14

* Moody's affirmed Australia's long-term issuer rating at Aaa, with a stable outlook. The rating reflects the country's robust and stable GDP growth.

* Fitch ratings affirmed China Huarong Asset Management Co. Ltd.'s A long-term foreign and local currency issuer default ratings, with a stable outlook.

June 13

* Fitch Ratings revised its outlook on Sri Lanka-based Sampath Bank PLC to stable from negative, reflecting the expectation that the lender could maintain higher capital buffers amid its continued focus on capital management and earnings retention while increasing its market share.

* A.M. Best has affirmed the long-term issuer credit ratings of QBE Insurance Group Ltd. at "bbb+," with a stable outlook.

* Fitch Ratings downgraded the viability ratings of State Bank of India and Bank of Baroda to "bb+" from "bbb-," reflecting their weakened risk profiles due to the negative effect of poor asset quality and earnings on their capital position.

* Fitch Ratings affirmed Hong Kong's long-term local- and foreign-currency issuer default rating at AA+, with a stable outlook. Its short-term local and foreign currency issuer default ratings were also affirmed at F1+.

* Moody's assigned long- and short-term local- and foreign-currency counterparty risk ratings of Aa2/P-1 to HSBC Holdings PLC units HSBC Bank Plc Sydney Branch, while Barclays PLC units, Barclays Bank PLC (Singapore Branch) and Barclays Bank PLC (Tokyo Branch), were assigned long- and short-term local- and foreign-currency counterparty risk ratings of A2/P-1.

June 12

* Moody's assigned a Baa2(cr)/P-2(cr) local currency counterparty risk rating to Bank of Baroda, State Bank of India, ICICI Bank and Axis Bank. The rating agency also assigned Punjab National Bank, Oriental Bank of Commerce, Yes Bank Ltd. and Union Bank of India a local currency counterparty risk rating of Baa3(cr)/P-3(cr).