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01 Feb 2008
Moody's affirms Mizuho's ratings with negative outlook
Tokyo, February 01, 2008 -- Moody's Investors Service has affirmed the negative outlooks and C bank
financial strength ratings and Aa2 long-term credit ratings of
Mizuho Corporate Bank, Ltd. (MHCB), Mizuho Bank,
Ltd. (MHBK) and Mizuho Trust and Banking Co., Ltd.
(MHTB), and other subsidiaries supported by a keep-well letter
from Mizuho Corporate Bank, Ltd. (including Mizuho Securities
Co., Ltd,. and Mizuho International plc.),
following Mizuho Financial Group's (MHFG) announcement of third quarter
results for FYE3/2008. Mizuho banks' Prime-1 short-term
ratings were affirmed.
The negative rating outlook for the Aa2 credit rating of Trust & Custody
Services Bank, Ltd. (TCSB) also remains unchanged,
while the outlook for TCSB's bank financial strength rating remains
stable, as we expect TCSB will continue to be managed on an independent
basis in light of its role as a custodian of client assets.
According to MHFG's announcement, MHFG's estimate for FYE3/2008
consolidated net profit has been adjusted to JPY480 billion due to additional
losses mainly stemming from its subprime and CDO-related exposures,
totaling JPY345 billion on a year-to-date, third-quarter
basis. The scale of losses is approximately 60% of the combined
operating earnings of MHCB, MHBK, and MHTB.
MHFG disclosed that as of end-December 2007, Mizuho Securities
had JPY470 billion in its foreign currency denominated securitization
portfolio related to ABSCDO, RMBS, and ABS, consisting
of JPY280 billion in ABSCDO and JPY180 billion in RMBS. MHFG has
recognized JPY220 billion in losses related to the portfolio year to date.
In Moody's view, the impact from subprime market developments is
affecting MHCB's international and investment banking operations outside
Japan. Moody's believe there will be a need for re-establishing
strong group-wide risk management and re-assessing the allocation
of resources being allocated to its overseas investment banking activities,
more in keeping with its current capital flexibility and management expertise.
Rating affirmation is based on the assumption that cumulative losses due
to subprime issues will not exceed the combined annual operating earnings
of the Mizuho banks -- currently approximately JPY700 billion
to JPY800 billion. However, the negative outlook also reflects
that current significant unrealized gains in investment securities are
also critical to absorb the additional deterioration of US securitization
investments (other than US subprime) held in its investment portfolio
account. Any substantial deterioration of the Mizuho banks' investment
portfolio account, coupled with continuing contraction of unrealized
gains in the currently weak equity market, could exert negative
pressure on its ratings.
Moody's Aa2 deposit rating for the Mizuho banks incorporates mainly (1)
the bank's BFSR of C; (2) Moody's assessment of very high probability
of systemic support (a component of joint-default analysis,
referred to as JDA); (3) and the support provider's Aaa rating,
which is Japan's local currency deposit ceiling. The C BFSR is
also supported by Mizuho's diversified domestic businesses, which
produce a stable stream of earnings in a stabilized environment.
Mizuho Financial Group is one of the largest financial groups, in
Japan with the total consolidated assets of JPY149.8 trillion.
Senior Vice President
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
No Related Data.
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