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S&P ups Shinsei Bank preferreds
Standard & Poor's said it raised the rating on the preferred securities issued by Shinsei Bank Ltd. (BBB+/negative/A-2) to B from CCC+.
The upgrade is based on the decreased likelihood of Shinsei failing to secure sufficient reserves to pay the dividends on its preferred securities at the end of fiscal 2010 ending March 31, according to the agency.
S&P affirmed the BBB+ long-term and A-2 short-term counterparty credit ratings as well as the BBB+ rating on the bank's long-term senior bonds, the BBB rating on the dated subordinated bonds and the BBB- rating on the perpetual subordinated bonds.
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