MOODY'S PLACES DKB'S PRIME-1 SHORT-TERM RATING ON REVIEW FOR POSSIBLE DOWNGRADE
TOKYO, 04-14-98 -- Moody's Investors Service placed the Prime-1 short-term rating of The Dai-Ichi Kangyo Bank, Ltd. (DKB) under review for possible downgrade. The bank's C financial strength rating and other long-term credit ratings (senior unsecured at A1) previously had been placed under review for possible downgrade on February 13, 1998. The short-term ratings assigned to securities issued by DKB's finance subsidiaries, with the exception of the CIT Group, were all affected.
According to Moody's, concerns over DKB's asset quality and its relative competitiveness have been rising due to the weakening domestic economy and prolonged decline in the real estate values. The rating agency will continue to monitor developments in the bank's operating environment and their impact on DKB's overall financial profile.
The following ratings were placed on review for possible downgrade:
Dai-Ichi Kangyo Bank, Ltd. -- the Prime-1 short-term bank deposit rating.
Dai-Ichi Kangyo Bank (Paris Branch) -- the Prime-1 short-term bank deposit rating.
Dai-Ichi Kangyo Bank (Cayman) -- the Prime-1 short-term bank deposit rating.
DKB Asia Limited -- the Prime-1 short-term debt rating.
DKB International PLC -- the Prime-1 short-term debt rating.
Dai-Ichi Kangyo Australia Limited -- the Prime-1 short-term debt rating and commercial paper rating.
Dai-Ichi Kangyo Bank (Deutschland) AG -- the Prime-1 short-term debt rating.
Dai-Ichi Kangyo Bank (Luxembourg) S.A. -- the Prime-1 short-term debt rating.
Dai-Ichi Kangyo Bank Nederland NV -- the Prime-1 short-term debt rating.
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