Fitch upgrades Promise

Fitch Ratings said it upgraded Promise Co., Ltd.'s issuer default ratings to A- from BBB- and removed them from Rating Watch positive.

The outlook is stable.

The ratings were placed on watch for possible upgrade in October after a takeover bid by Sumitomo Mitsui Financial Group, Inc (A/stable) to make Promise a wholly owned subsidiary.

The ratings have been withdrawn after the completion of the takeover on Dec. 7.

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