Moody's ups Citibank Japan to A3

Moody's Japan K.K. said it upgraded its long-term bank deposit rating of Citibank Japan Ltd. to A3 from Baa1.

At the same time, the agency changed its bank financial strength rating to C- (which maps to a baseline credit assessment of baa2) from D+ (equal to baseline credit assessment of baa3).

The short-term deposit rating of Prime-2 was affirmed and the outlook is stable.

Moody's said the upgrade follows its decision to upgrade the ratings of Citibank NA. Citibank Japan's standalone credit profile has been strongly aligned with that of its parent, Citibank NA, due to their close business integration. Therefore, changes in its parent's standalone credit prolife are generally reflected in the ratings of Citibank Japan, the agency said.

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