Moody's upgrades Suruga Bank to A3 with stable outlook.
Summary: The rating outlook is stable.
Moody's Japan K.K. has upgraded the long-term bank deposit ratings of Suruga Bank, Ltd. to A3 from B1.
Moody's has also affirmed the bank's Prime-2 short-term deposit ratings.
The rating outlook is stable.
The upgrade was prompted by the change in the bank's standalone bank financial strength rating (BFSR) to C- from D+. A BFSR of C- is equivalent to a baseline credit assessment (BCA) of b2, while the previous D+ was equivalent to b3.
The A3 rating incorporates two notches of support uplift from its BCA.
Moody's assumption of support is based on our assessment of a very high likelihood of systemic support for the bank in case of stress.
The following ratings were upgraded:
Long-term bank deposit rating (domestic currency): to A3 from B1
Long-term bank deposit rating (foreign currency): to A3 from B1
The following ratings were affirmed:
Short-term bank deposit rating (domestic currency): Prime-2
Short-term bank deposit rating (foreign currency): Prime-2
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|Publication:||EMBIN (Emerging Markets Business Information News)|
|Date:||Jan 29, 2014|
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