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S&P assigns ratings to Norinchukin Bank's Australian unit

S&P Global Ratings assigned Norinchukin Australia Pty Ltd. long- and short-term issuer credit ratings of A and A-1, respectively, with a stable outlook.

The rating agency said the ratings are based on its view that Norinchukin Australia is a core subsidiary of Japan's Norinchukin Bank and is, therefore, likely to receive support from other members of the Norinchukin group in times of need.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.