Moody's cuts Promise view to negative

Moody's Investors Service said it affirmed the A3 issuer and senior unsecured ratings of Promise Co., Ltd. The outlook was changed to negative from stable.

The downgrade in outlook reflects the review for possible downgrade of Sumitomo Mitsui Banking Corp.

The ratings on Promise incorporate not just its stand-alone financial strengths, but also the probability of support from Sumitomo Mitsui in an extraordinary situation, Moody's said.

The outlook change also reflects Moody's view that the potential change of Sumitomo Mitsui's ratings will have a negative impact on Promise's rating, the agency said.

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