Moody’s reviews Shinsei ratings for possible downgrade
Moody’s Investors Service has placed on review for possible downgrade the C- bank financial strength rating, Baa2 baseline credit assessment (BCA), and A2/P-1 long-term and short-term senior unsecured debt and deposit ratings of Shinsei Bank, Limited (Shinsei Bank).
The bank’s A3 senior and junior subordinated debt ratings and Baa1 ratings on preferred securities have also been placed on review for possible downgrade.
This review was prompted by Shinsei Bank’s announcement on July 11, 2008, that it had reached an agreement to acquire GE Consumer Finance Co. Ltd., which operates under GE Japan Holdings, the consumer financial services unit of General Electric Company, for a cash transaction of 580 billion yen. –www.theasianbanker.com (July 15 2008)–