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.
Dec. 15
* Moody's upgraded the baseline credit assessment and adjusted baseline credit assessment of JSCB for Investment and Development of Vietnam, or BIDV, to "b3" from "caa1." Further, it affirmed the bank's local-currency bank deposits rating, and local and foreign-currency issuer ratings at B1/Not Prime.
* Moody's affirmed Vietnam Maritime Commercial Joint Stock Bank's local and foreign-currency bank deposits and issuer ratings at B3/Not Prime. It also affirmed the bank's baseline credit assessment and adjusted baseline credit assessment at "caa1." The ratings outlook remains positive.
* S&P Global Ratings withdrew its AA- financial strength and issuer credit ratings on Insurance Australia Group Ltd.'s consolidated units CGU Insurance Ltd., WFI Insurance Ltd., Swann Insurance (Aust) Pty Ltd. and IAG Re Australia Ltd. at the request of their ultimate parent.
* S&P affirmed its BBB+/A-2 foreign currency sovereign credit ratings, and A-/A-2 local currency ratings of Thailand. The outlook on the long-term ratings is stable.
* S&P affirmed Insurance Australia Group's issuer credit rating at A. The rating agency also affirmed its AA- financial strength and issuer credit ratings on IAG's core operating subsidiaries Insurance Australia Ltd, IAG New Zealand Ltd., IAG Re Singapore Pte Ltd., and IAG Re Labuan (L) Bhd.
* A.M. Best upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the long-term issuer credit rating to "a" from "a-" of Cigna Life Insurance New Zealand Ltd. The outlook is stable.
* A.M. Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a" of China Taiping Insurance (HK) Co. Ltd., with a stable outlook.
* A.M. Best affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit rating of "aa-" of Sovereign Assurance Co. Ltd., with a stable outlook.
Dec. 14
* Moody's raised its outlook on South Korea's banking system to stable from negative following taking actions on the country's commercial banks.
* Moody's revised its outlook on Hong Kong-based China Everbright Ltd. to stable from negative while affirming its ratings.
* Fitch Ratings upgraded the ratings and raised the support rating floors of several Philippine banks following the upgrade of the Philippines' sovereign ratings. The affected banks are Development Bank of the Philippines, Land Bank of the Philippines, Bank of the Philippine Islands, BDO Unibank Inc., Metropolitan Bank & Trust Co., China Banking Corp., Philippine National Bank and Rizal Commercial Banking Corp.
* Fitch placed India-based IDBI Bank Ltd.'s viability rating of "ccc" on Rating Watch Evolving.
* S&P assigned Norinchukin Australia Pty Ltd. long- and short-term issuer credit ratings of A and A-1, respectively, with a stable outlook.
Dec. 13
* Moody's affirmed the long-term ratings of three Sri Lankan banks following taking a similar action on the sovereign. The banks are Bank of Ceylon, Hatton National Bank Plc, and Sampath Bank PLC. The outlooks on the ratings of all three banks were maintained at negative.
* Moody's also affirmed all the ratings of Japan-based Hyakujushi Bank Ltd., with a stable outlook. The domestic and foreign long- and short-term deposit ratings of the bank were affirmed at A3 and P-2, respectively.
* Fitch Ratings Indonesia affirmed PT Bank Sinarmas Tbk's national long- and short-term ratings at A(idn) and F1(idn), respectively. The outlook is stable.
Dec. 12
* S&P revised its outlook on Sri Lanka-based DFCC Bank Plc to stable from negative, and affirmed the bank's long- and short-term issuer credit ratings at B.
* S&P revised its outlook on China International Capital Corp. Ltd. and China International Capital Corp. (Hong Kong) Ltd. to positive from stable, while affirming their issuer credit ratings.
* Moody's revised the outlooks on BNK Busan Bank Co. Ltd., Kwangju Bank Ltd. and Kyongnam Bank Co. Ltd., to stable from negative, maintained Jeonbuk Bank Co. Ltd.'s outlook at stable and took other ratings actions on the four South Korean regional banks.
* Moody's revised its outlook on Shinhan Card Co. Ltd. to stable from negative following a similar action on the company's immediate parent, Shinhan Bank Co. Ltd.
* Moody's placed the Baa1 long-term foreign and local currency issuer ratings of South Korea's Woori Card Co. Ltd. under review for upgrade.
* Moody's affirmed Sri Lanka's foreign currency issuer and senior unsecured ratings at B1 and maintained the negative outlook.
* Fitch Ratings Indonesia placed the national long-term ratings of PT Sarana Multi Infrastruktur (Persero) and PT Sarana Multigriya Finansial (Persero) on Rating Watch Positive.
* Fitch affirmed the ratings of Taiwan's KGI Bank Co. Ltd. and removed the Rating Watch Negative placed on some of the bank's ratings.
* Fitch assigned Japan-based FWD Fuji Life Insurance Co. Ltd. an insurer financial strength rating of BBB+, with a stable outlook.
* Fitch affirmed PT IIF's national long-term rating and senior unsecured rating at AAA(idn), with a stable outlook.
Dec. 11
* Moody's changed its outlook for Japanese life insurers over the next 12 to 18 months to stable from negative despite continuing ultra-low interest rates.
Dec. 10
* Fitch upgraded the Philippines' long-term foreign-currency issuer default rating to BBB from BBB- with a stable outlook.
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