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.
* A.M. Best has removed from under review with negative implications and changed the financial strength rating to a nonrating designation of E (Under Regulatory Supervision) from B++ (Good) and the long-term issuer credit rating to "e" from "bbb+" of New Zealand-based CBL Insurance Ltd. following a regulatory action that placed the insurer in interim liquidation. Concurrently, the rating agency removed from under review with negative implications and withdrew CBL Corp. Ltd.'s long-term issuer credit rating of "bb+," based on the same regulatory action.
* S&P Global Ratings and Fitch Ratings assigned ratings to Standard Chartered Bank (Singapore) Ltd. following the U.K.-based parent's plan to fully consolidate its business operations in Singapore. Fitch assigned the Standard Chartered Plc unit an expected viability rating of "a(EXP)," while S&P assigned the bank a preliminary long- and short-term issuer credit ratings of A and A-1. The outlooks are stable.
* Meanwhile, Moody's placed the ratings of Standard Chartered Bank (Singapore) on review for downgrade given the potential negative impact on its risk profile as a result of its parent's plan to fully consolidate its business operations in Singapore.
* Fitch affirmed the ratings of Australia's four major banking groups, Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. The outlook on each bank's long-term issuer default rating is stable.
* Fitch also affirmed Mitsui Sumitomo Insurance Co. Ltd.'s insurer financial strength rating and long-term issuer default rating at A (Strong), with a stable outlook.
* S&P assigned a long-term issuer credit rating of A- to Sumitomo Mitsui Finance & Leasing Co. Ltd., with a stable outlook.
* Moody's and Fitch placed the ratings of Punjab National Bank under review for potential downgrade, based on the potential weakening of the lender's credit profile due to the discovery of fraudulent transactions.
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