Moody's ups AB International preferreds to Ba1

Moody's Investors Service said it upgraded to Ba1 from Ba3 the preferred stock rating for AB International Cayman Trust, a special holdings corporation for Resona Bank Inc.

The outlook is stable.

The upgrade is prompted by Resona Bank's and Saitama Resona Bank's rapid recovery of fundamentals, which is to lead to in the near future to their resuming preferred dividend payments, Moody's said.

The upgrade also reflects Moody's belief that the risk of another preferred dividend suspension has been reduced.

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