S&P Affirms Sumitomo Trust BBB Rtg; Off Watch.TOKYO--(BUSINESS WIRE)--Standard & Poor's CreditWire 10/26/98--Standard & Poor's today affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. its triple-'B' long-term rating on Sumitomo Trust & Banking Co. Ltd. The rating is removed from CreditWatch, where it was placed on June 17, 1998. The outlook for the rating is negative. The bank's rating had been placed on CreditWatch with negative implications amid concern about a possible merger with Long-Term Credit Bank of Japan Long-Term Credit Bank of Japan (日本長期信用銀行 Ltd. (LTCB LTCB Long-Term Credit Bank (Japan) ), which is burdened with significant bad debts. The removal of the CreditWatch placement follows Sumitomo Trust's announcement that it has finished a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. on the proposed merger in the wake of the government's plan to temporarily nationalize na·tion·al·ize tr.v. na·tion·al·ized, na·tion·al·iz·ing, na·tion·al·iz·es 1. To convert from private to governmental ownership and control: nationalize the steel industry. 2. LTCB. OUTLOOK: NEGATIVE The outlook reflects the possibility of a further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in the bank's asset quality amid Japan's weakened economy and unstable financial system, Standard & Poor's said. -0-
RATINGS AFFIRMED; OFF WATCH TO FROM
Sumitomo Trust & Banking Co. Ltd.
Counterparty credit rtg BBB/Negative/A-3 BBB/Watch Neg/A-3
CD BBB/A-3 BBB/Watch Neg/A-3
Sr unsecd BBB BBB/Watch Neg
Sumitomo Trust Finance (Hong Kong) Ltd.
Counterparty credit rtg BBB/Negative/-- BBB/Watch Neg/--
Sumitomo Trust Finance (Australia) Ltd.
Counterparty credit rtg BBB/Negative/A-3 BBB/Watch Neg/A-3
STB Cayman Capital Ltd.
Y100 bil mandatory exchgble sub nts due 2007
(gtd Sumitomo Trust & Banking Co. Ltd.)
BBB- BBB-/Watch Neg
---CreditWire |
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