S&P reports actions on Japanese banks

S&P said “lingering low profitability” has weakened the stand-alone profitability of some Japanese banks.

The agency took the following actions:

Japan Post Bank Co. Ltd.: S&P lowered its rating to A from A+ and cuts its stand-alone credit profile to bbb+ from a-. The outlook is stable.

ORIX Bank Corp.: S&P dropped the bank to BBB+ from A- and the entity specific stand-alone profile to bbb+ from a-. The outlook is stable.

Nomura Holdings, Inc.: S&P downgraded Nomura and its core operating subsidiaries to BBB+ from A- and A- from A, respectively. The agency also downgraded Nomura’s stand-alone profile to bbb from bbb+. The outlook is stable.

S&P affirmed the long-term issuer credit ratings on the following banks, but made the following changes:

Sumitomo Mitsui Trust Bank Ltd.: S&P lowered the bank’s stand-alone rating to a- from a. The outlook is positive.

Resona Bank Ltd.: S&P lowered the stand-alone rating to bbb+ from a-. The outlook is stable.

Shinkin Central Bank: S&P lowered the stand-alone rating to bbb+ from a-. The outlook is stable.

Shinsei Bank Ltd.: S&P lowered the stand-alone rating to bbb- from bbb. The outlook is stable.

Development Bank of Japan: S&P cut the stand-alone rating to bbb from bbb+. The outlook is positive.

Gunma Bank Ltd.: S&P lowered the stand-alone rating to bbb+ from a-. The outlook is stable.

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