S&P affirms, revises 34 Asia-Pacific banks

Standard & Poor's said it has revised or affirmed its ratings on 34 of Asia-Pacific's financial institutions after applying the agency's new ratings criteria for banks.

Korea Exchange Bank's CreditWatch placement additionally reflects the recent announcement of the agreement signed by Hana Financial Group to acquire Korea Exchange Bank.

The agency said it would review all ratings that are placed on CreditWatch within 90 days.

The following is a list of the ratings actions on these banks and their relevant subsidiaries:

• AMP Bank Ltd. affirmed at A/stable/A-1;

• Aozora Bank Ltd. raised to A-/stable/A-2 from BBB+/stable/A-2;

• Bangkok Bank PCL global scale ratings affirmed at BBB+/stable/A-2 and Asean regional scale ratings affirmed at axA+/axA-1;

• Bank of Ayudhya PCL global scale ratings affirmed at BBB-/stable/A-3 and Asean regional scale ratings affirmed at axA-/axA-2;

• Bank of Communications Co. Ltd. global scale ratings raised to A-/stable/-- from BBB+/stable/--and greater China credit scale ratings raised to cnAA/-- from cnA+/--;

• Bank of Nanjing Co. Ltd. global scale ratings affirmed at BBB-/stable/A-3 and greater China credit scale ratings affirmed at cnA-/cnA-2;

• Bank of Queensland Ltd. revised to BBB/stable/A-2 from BBB+/negative/A-2;

• Bank of South Pacific Ltd. lowered to B/stable/B from B+/stable/B;

• Bank of Taiwan global scale ratings affirmed at A+/stable/A-1 and greater China credit scale ratings affirmed at cnAAA/cnA-1+;

• Bendigo and Adelaide Bank Ltd. raised to A-/stable/A-2 from BBB+/positive/A-2;

• Bendigo and Adelaide subsidiary Rural Bank Ltd. raised to A-/Stable/A-2 from BBB+/Positive/A-2;

• China Development Financial Holding Corp. global scale ratings revised to BBB-/stable/A-3 from BBB+/stable/A-2 and greater China credit scale ratings revised to cnA-/cnA-2 from cnA+/cnA-1;

• China Development Financial subsidiary China Development Industrial Bank global scale ratings lowered to BBB/stable/A-2 from A-/stable/A-2 and Greater China credit scale ratings revised to cnA/cnA-2 from cnAA/cnA-1;

• China Merchants Bank Co. Ltd. global scale ratings revised to BBB+/stable/A-2 from BBB/positive/A-2 and greater China credit scale ratings affirmed at cnA+/cnA-1;

• Chinatrust Financial Holding Co. global scale ratings revised to BBB+/stable/A-2 from BBB/stable/A-3 and greater China credit scale ratings revised to cnA+/cnA-1 from cnA/cnA-2;

• Chinatrust Financial subsidiary Chinatrust Commercial Bank global scale ratings revised to A/stable/A-1 from A-/stable/A-2 and greater China credit scale ratings revised to cnAA+/cnA-1 from cnAA/cnA-1;

• Co-operative Bank (formerly PSIS Ltd.) raised to BBB-/positive/A-3;

• Development Bank of Japan Inc. revised to A+/negative/A-1 from A+/negative/A-1+;

• Hana Bank revised to A/stable/A-1 from A-/stable/A-2;

• Heartland Building Society revised to BBB-/stable/A-3 from BBB-/negative/A-3;

• Heartland Building subsidiary Marac Finance Ltd. revised to BBB-/stable/A-3 from BBB-/negative/A-3;

• Kasikornbank PCL global scale ratings raised to BBB+/stable/A-2 from BBB/stable/A-2 and Asean regional scale ratings raised to axA+/axA-1 from axA/axA-1;

• Kasikornbank subsidiary Muang Thai Life Assurance Co. Ltd. global scale ratings affirmed at BBB+/stable and Asean regional scale ratings affirmed at axA+;

• Kiwiwbank Ltd. affirmed at AA-/stable/A-1+;

• Kookmin Bank affirmed at A/stable/A-1;

• Korea Exchange Bank revised to BBB+/watch positive/A-2 from BBB+/stable/A-2;

• Krung Thai Bank PCL affirmed at BBB/stable/A-2;

• Land Bank of Taiwan global scale ratings affirmed at A-/stable/A-2 and greater China credit scale ratings affirmed at cnAA/cnA-1;

• Members Equity Bank Pty Ltd. affirmed at BBB/stable/A-2;

• Norinchukin Bank lowered to A+/negative/A-1 from A+/stable/A-1;

• Shinhan Bank revised to A/stable/A-1 from A-/stable/A-2;

• Shinhan Bank subsidiary Shinhan Card Co. Ltd. affirmed at BBB+/stable/A-2;

• Shinkin Central Bank lowered to A+/negative/A-1 from A+/stable/A-1;

• Shinsei Bank Ltd. affirmed at BBB+/negative/A-2;

• Siam Commercial Bank PCL global scale ratings affirmed at BBB+/stable/A-2 and Asean regional scale ratings affirmed at axA+/axA-1;

• Suncopr-Metway Ltd. affirmed at A+/stable/A-1;

• Taiwan Cooperative Bank Ltd. global scale ratings raised to A-/stable/A-2 from BBB+/stable/A-2 and greater China credit scale ratings raised to cnAA/cnA-1 from cnA+/cnA-1;

• TMB Bank PCL global scale ratings affirmed at BB+/positive/B and Asean regional scale ratings affirmed at axBBB+/axA-2;

• TSB Bank Ltd. affirmed at BBB+/stable/A-2;

• Woori Finance Holdings Co. Ltd. affirmed at BBB+/stable/A-2; and

• Woori Finance subsidiary Woori Bank affirmed at A-/stable/A-2.

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