Rating Cut on World’s Largest Bank: Standard...
From Times Staff and Wire Reports
Rating Cut on World’s Largest Bank: Standard & Poor’s cut the credit rating of Dai-Ichi Kangyo Bank Ltd. for the first time as worries rise about the long-term profitability of Japanese banks. Ratings were lowered for long-term debt held by Dai-Ichi and Fuji Bank Ltd., the third-largest. Certificates of deposit issued by Tokai Bank Ltd.--the eighth largest--were also downgraded. In all cases, the banks’ credit ratings remain high investment grade.
