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Rating Action:

MOODY'S ASSIGNS FINANCIAL STRENGTH RATINGS TO 50 JAPANESE BANKS

21 Aug 1995
MOODY'S ASSIGNS FINANCIAL STRENGTH RATINGS TO 50 JAPANESE BANKS Tokyo, 8/21/1995 -- Moody's Investors Service assigned Bank Financial Strength Ratings (BFSRs) to 50 Japanese banks. To differentiate the new ratings from its traditional Aaa-through-C credit ratings, Moody's BFSRs use a different letter scale, ranging from A ("exceptional") to E ("very weak" -- see full definitions below).
Moody's said that BFSRs are intended to provide creditors with a measure of a bank's "intrinsic safety and soundness" on a strict legal-entity basis. Moody's emphasized that, unlike its traditional credit ratings, BFSRs are not intended to measure the risk of credit loss -- i.e., the risk that a bank will miss payments on its deposits or other fixed-income obligations. Instead, BFSRs provide a comparative indicator of what an institution's creditworthiness would be on a stand-alone basis, and as such, they should be viewed by investors solely as one component of a bank's credit risk. In this context, Moody's emphasized that BFSRs do not in any way negate or diminish the meaning and the value of Moody's traditional deposit ratings.
Moody's said that the Japanese BFSRs range from B to E. One bank, Shizuoka Bank, received a rating of B. In addition, 3 banks were rated C+, 10 were rated C, 10 were rated D+, 16 were rated D, 7 were rated E+, and 3 were rated E. The average BFSR for the 50 banks is D, while Moody's average deposit rating for the same banks is A3.
Moody's said that it has introduced BFSRs in response to the desire of bank investors -- particularly interbank and counterparty credit departments -- for Moody's assessment of a given bank's credit profile without reference to support mechanisms, ownership, or membership in a banking group. In many instances, banks with identical deposit ratings have different BFSRs. This occurs most frequently in two circumstances: (1) when low sovereign rating ceilings push downward the deposit ratings of otherwise strong banks, and (2) when the deposit ratings of weak banks are supported to various degrees by implicit or explicit support -- coming either from parent or affiliated companies or having an official nature.
The rating agency noted that the attached listing of BFSRs is accompanied by traditional long- and short-term deposit ratings for each bank. The BFSRs should be viewed as a descriptive and component part of Moody's traditional deposit ratings. The analysis underlying BFSRs is incorporated into the deposit ratings along with relevant external considerations that can significantly affect a bank's ability to meet its obligations.
The Japanese bank rating assignments are part of a program to assign BFSRs to all banks worldwide for which Moody's currently maintains bank deposit ratings. Like Moody's credit ratings, Bank Financial Strength Ratings will be globally comparable across countries and currencies, and they will be consistent in their meanings over time. Moody's is currently in the midst of assigning BFSRs to more than 600 banks worldwide for which it currently has bank deposit ratings. The new ratings are being assigned on a country-by-country basis to banks in each of the 40 countries with rated institutions. BFSRs will be publicly available through Moody's information centers, publications, and press announcements. Rating changes will also be announced publicly.

Definitions: Moody's Bank Financial Strength Ratings

Moody's Bank Financial Strength Ratings represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements that are addressed by Moody's traditional debt and deposit ratings. Unlike Moody's traditional debt ratings, Bank Financial Strength Ratings do not address the probability of timely payment. Instead, Bank Financial Strength Ratings can be understood as a measure of the likelihood that a bank will require assistance from third parties such as its owners, its industry group, or official institutions. Bank Financial Strength Ratings do not take into account the probability that the bank will receive such external support, nor do they address risks arising from sovereign actions that may interfere with a bank's ability to honor its domestic or foreign currency obligations.
Factors considered in the assignment of Bank Financial Strength Ratings include bank-specific elements such as financial fundamentals, franchise value, and business and asset diversification. Although Bank Financial Strength Ratings exclude the external factors specified above, they do take into account other risk factors in the bank's operating environment, including the strength and prospective performance of the economy, as well as the structure and relative fragility of the financial system, and the quality of banking regulation and supervision.
The definitions for Moody's Bank Financial Strength Ratings (which have been revised slightly since they were announced in November) are as follows:

A
Banks rated A possess exceptional intrinsic financial strength. Typically, they will be major institutions with highly valuable and defensible business franchises, strong financial fundamentals, and a very attractive and stable operating environment.

B
Banks rated B possess strong intrinsic financial strength. Typically, they will be important institutions with valuable and defensible business franchises, good financial fundamentals, and an attractive and stable operating environment.

C
Banks rated C possess good intrinsic financial strength. Typically, they will be institutions with valuable and defensible business franchises. These banks will demonstrate either acceptable financial fundamentals within a stable operating environment, or better than average financial fundamentals within an unstable operating environment.

D
Banks rated D possess adequate financial strength, but may be limited by one or more of the following factors: a vulnerable or developing business franchise-- weak financial fundamentals-- or an unstable operating environment.

E
Banks rated E possess very weak intrinsic financial strength, requiring periodic outside support or suggesting an eventual need for outside assistance. Such institutions may be limited by one or more of the following factors: a business franchise of questionable value-- financial fundamentals that are seriously deficient in one or more respects-- or a highly unstable operating environment.

Intermediate Categories
Where appropriate, a "+" may be appended to ratings below the "A" category to distinguish those banks that fall into intermediate categories.

The following Bank Financial Strength Ratings (BFSR) were assigned to Japanese banks:

BANK -- LONG-TERM/SHORT-TERM DEPOSIT RATING, BFSR
Asahi Bank -- A2/P-2, D+
Ashikaga Bank -- A3/P-2, D
Bank of Fukuoka -- A3/P-2, D+
Bank of Kyoto -- Baa2/P-2, D
Bank of Tokyo -- Aa3*/P-1, C+*
Bank of Yokohama -- A3/P-2, D+
Chiba Bank -- A2/P-1, C
Chugoku Bank -- A2/P-1, C
Chuo Trust and Banking -- Baa2**/P-3**, E
Dai-Ichi Kangyo Bank -- A1/P-1, C
Daishi Bank -- Baa1/P-2, D
Daiwa Bank -- A3/P-2, D+
Fuji Bank -- A1/P-1, C
Gunma Bank -- A1/P-1, C
Hachijuni Bank -- A2/P-1, C
Hiroshima Bank -- Baa2/P-2, D
Hokkaido Bank -- Baa2/P-2, E+
Hokkaido Takushoku Bank -- Baa2**/P-3**, E
Hokuriku Bank -- Baa1/P-2, D
Hyakugo Bank -- A3/P-2, D+
Hyakujushi Bank -- Baa1/P-2, D
Industrial Bank of Japan -- A1/P-1, C
Iyo Bank -- A3/P-2, D+
Joyo Bank -- A1/P-1, C
Juroku Bank -- Baa1/P-2, D
Kiyo Bank -- Baa2/P-3, E+
Long-Term Credit Bank of Japan -- A3**/P-2, D**
Mitsubishi Bank -- Aa3*/P-1, C+*
Mitsubishi Trust and Banking -- Baa1/P-2, D
Mitsui Trust and Banking -- Baa2/P-2, E+
Nanto Bank -- Baa2/P-3, E+
Nippon Credit Bank -- Baa2**/P-3**, E
Nippon Trust Bank -- A2/P-1, E+
Norinchukin Bank -- A1/P-1, E+
Ogaki Kyoritsu Bank -- Baa1/P-2, D
Sakura Bank -- A2**/P-1**, D+**
San-in Godo Bank -- Baa1/P-2, D
Sanwa Bank -- Aa3/P-1, C+
Shiga Bank -- Baa2/P-2, D
Shizuoka Bank -- Aa3/P-1, B
Shoko Chukin Bank -- Aa3/P-1, D
Sumitomo Bank -- A1/P-1, C
Sumitomo Trust and Banking -- Baa1/P-2, D
Suruga Bank -- Baa1/P-2, D
Tokai Bank -- A2/P-2, D+
Toyo Trust and Banking -- Baa1/P-2, D
Yamaguchi Bank -- A2/P-1, C
Yasuda Trust and Banking -- Baa2/P-3, E+
Zenshinren Bank -- A1/P-1, D+
77 Bank -- A3/P-2, D+

* Under review for possible upgrade.
** Under review for possible downgrade.
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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