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Asia-Pacific ratings roundup through May 25

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Asia-Pacific ratings roundup through May 25

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.

May 25

* Fitch Ratings Lanka affirmed Citibank NA - Colombo Branch's national long-term rating at AAA(lka). The outlook is stable.

* Fitch affirmed China United Property Insurance Co. Ltd.'s insurer financial strength rating at A- (Strong). The outlook is stable.

May 24

* A.M. Best affirmed the financial strength and the long-term issuer credit ratings of Japan-based Toa Reinsurance Co. Ltd. and its unit Toa Reinsurance Co. of America at A (Excellent) and "a+," respectively. The outlook is stable.

* Fitch upgraded the short-term issuer default rating of OCBC Wing Hang Bank Ltd. (Macau) to F1+ from F1 and affirmed its long-term issuer default rating at A+, with a stable outlook. The rating agency affirmed the long- and short-term issuer default ratings of Industrial & Commercial Bank of China (Macau) Ltd. at A and F1, respectively, with a stable outlook.

* A.M. Best affirmed the financial strength and the long-term issuer credit ratings of Japan-based Mitsui Sumitomo Insurance Co. Ltd. and Aioi Nissay Dowa Insurance Co. Ltd. at A+ (Superior) and "aa," respectively. The outlook is stable.

* Fitch affirmed Japan-based Meiji Yasuda Life Insurance Co.'s insurer financial strength and long-term issuer default ratings at A (Strong) and A, respectively. The outlook is stable.

* A.M. Best affirmed Kiwi Insurance Ltd's financial strength and long-term issuer credit ratings at A- (Excellent) and "a-," respectively. The outlook is stable.

* Fitch affirmed Westpac Lenders Mortgage Insurance Ltd.'s insurer financial strength rating at AA- (Very Strong). The outlook is stable.

* A.M. Best affirmed Thailand-based Bangkok Insurance PCL's financial strength and long-term issuer credit ratings at A- (Excellent) and "a-," respectively. The outlook is stable.

May 23

* Fitch affirmed India-based IDBI Bank Ltd.'s long-term issuer default rating at BB+, with a stable outlook.

May 22

* Fitch upgraded the long-term issuer default ratings of state-owned Vietnam Joint Stock Commercial Bank for Industry & Trade, Joint Stock Commercial Bank for Foreign Trade of Vietnam and Vietnam Bank for Agriculture & Rural Development to BB- from B+ and lowered the outlook on the ratings to stable from positive. In addition, it revised the support rating floors of Military Commercial Joint Stock Bank and Asia Commercial Joint Stock Bank to B- from NF, and affirmed both banks' support rating at 5.

* S&P Global Ratings affirmed the issuer credit ratings of DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd. at AA-/A-1+, with a stable outlook.

May 21

* Moody's downgraded the local- and foreign-currency deposit ratings of Punjab National Bank to Ba1/NP from Baa3/P-3, concluding its review of the bank's ratings initiated in February. The outlook is stable.

* Fitch affirmed the long- and short-term issuer default ratings of New Zealand's four major banks at AA- and F1+, respectively. The banks are ANZ Bank New Zealand Ltd.; ASB Bank Ltd.; Bank of New Zealand and Westpac New Zealand Ltd. The outlook on ASB's long-term issuer default rating is negative and the outlook for the remaining three banks is stable.

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.