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.
* Fitch Ratings revised its outlook on DFCC Bank Plc to stable from negative. The rating agency affirmed the ratings of DFCC Bank, National Savings Bank, Bank of Ceylon, National Development Bank Plc, Sampath Bank PLC, People's Bank, Commercial Bank of Ceylon PLC, Hatton National Bank Plc and Seylan Bank Plc.
* Moody's affirmed the long-term issuer ratings of Bangladesh-based Eastern Bank Ltd. and City Bank Ltd. at Ba3. The local and foreign currency long-term bank deposit ratings of the banks were affirmed at Ba3 and B1, respectively. The outlooks are maintained at stable.
* A.M. Best affirmed KB Insurance Co. Ltd.'s financial strength and long-term issuer credit ratings at A (Excellent) and "a," respectively. The outlook is stable.
* Fitch assigned Auswide Bank Ltd. long-term foreign-currency issuer default rating of BBB+, with a stable outlook. The rating agency also assigned "bbb+" viability rating to the bank.
* Fitch upgraded Indonesia's long-term foreign- and local-currency issuer default ratings to BBB from BBB-, with a stable outlook.
* S&P Global Ratings revised its outlook on Auswide Bank to stable from positive and affirmed its ratings before withdrawing the ratings at the issuer's request.
* Moody's revised the outlook on Taiwan-based Cathay Financial Holding Co. Ltd. and unit Cathay Life Insurance Co. Ltd. to positive from stable. At the same time, the rating agency affirmed the Baa2 issuer rating of Cathay Financial and the Baa1 insurance financial strength rating of Cathay Life.
* Moody's affirmed the issuer rating of Taiwan-based Fubon Financial Holding Co. Ltd. at Baa1 and the insurance financial strength rating of unit Fubon Life Insurance Co. Ltd. at A3. The outlook remains stable.
* S&P revised the outlooks on China Orient Asset Management Corp. and its Hong Kong unit, China Orient Asset Management (International) Holding Ltd., to positive from stable. Meanwhile, the rating agency affirmed the companies' long- and short-term issuer credit ratings at BBB+ and A-2, respectively.
* 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 also affirmed the long-term issuer rating of unit Norinchukin Australia Pty Ltd. at A1.
* Fitch affirmed the ratings of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc., as well as their subsidiaries. The affected entities include Bank of Tokyo-Mitsubishi UFJ Ltd., Mitsubishi UFJ Trust & Banking Corp., Mitsubishi UFJ Morgan Stanley Securities Co. Ltd., ACOM CO. Ltd., Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd. and Mizuho Trust & Banking Co. Ltd. The rating agency also affirmed the ratings of Sumitomo Mitsui Trust Bank Ltd. and unit Sumitomo Mitsui Trust Bank (U.S.A.) Ltd. The outlooks on their long-term issuer default ratings are stable.
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