Fitch downgrades Bank of Fukuoka upon consolidation of Shinwa Bank
Fitch Ratings has downgraded Bank of Fukuoka’s (Fukuoka) Long-term Issuer Default Rating (IDR) to ‘BBB’ from ‘BBB+’ and Individual rating to ‘C/D’ from ‘C’, following Fukuoka Financial Group’s (FFG) consolidation of Shinwa Bank in October 2007. Fukuoka’s Short-term IDR, Support rating and Support Rating Floor have been affirmed at ‘F2′, ‘2′ and ‘BBB-’ (BBB minus), respectively.
At the same time, Fitch removed Fukuoka’s Long-term IDR, Short-term IDR, as well as its Individual rating from Rating Watch Negative, which was placed on 10th August 2007.
The current ratings of Fukuoka are as follows: — www.theasianbanker.com (October 31 2007)–