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Asia-Pacific ratings roundup through Aug. 31


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Asia-Pacific ratings roundup through Aug. 31

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

* Moody's downgraded Suruga Bank Ltd.'s ratings, including its long-term bank deposit ratings, and placed various ratings on review for further downgrade. At the same time, the outlook on the bank was also changed to rating under review from negative.

Aug. 29

* S&P Global Ratings removed the ratings of Australia's AMP Ltd. and its units, AMP Group Holdings Ltd., AMP Life Ltd. and AMP Life (New Zealand Branch), from CreditWatch with negative implications. Meanwhile, the rating agency lowered the outlook on AMP Bank Ltd. to negative from stable and affirmed the bank's A- long-term and A-1 short-term issuer credit ratings.

* S&P assigned long- and short-term issuer credit ratings of AA+ and A-1+, respectively, to China-headquartered multilateral development bank New Development Bank.

* Fitch Ratings affirmed Korea Housing Finance Corp.'s foreign-currency long- and short-term issuer default ratings at AA- and F1+, respectively. The outlook is stable.

* Fitch also affirmed China Orient Asset Management Co. Ltd.'s long-term foreign- and local-currency issuer default rating at A. The outlook is stable.

Aug. 28

* S&P downgraded the long-term issuer credit rating of China Huarong Asset Management Co. Ltd. to BBB+ from A-, with a stable outlook.

* Moody's assigned Bank of China (Hong Kong) Ltd. local and foreign-currency counterparty risk ratings of Aa2 and P-1, respectively. At the same time, Moody's affirmed the bank's foreign- and local-currency deposit ratings at Aa3/P-1. The bank's baseline credit assessment and adjusted BCA was affirmed at "a2," while counterparty risk assessment was affirmed at Aa2(cr)/P-1(cr). The outlook on the bank remains negative.

* Fitch affirmed the A- long-term and F1 short-term issuer default ratings of Taiwan's Hua Nan Commercial Bank Ltd., with a stable outlook. The ratings were simultaneously withdrawn for commercial reasons.

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.