Aug 29, 2013
Tokyo, August 26th 2013 - Moody's Japan K.K. (MJKK) announced today that it placed on review for upgrade its long-term bank deposit rating of Baa1 and bank financial strength rating (BFSR) of D+, which maps to a baseline credit assessment of baa3. Its short-term deposit rating of Prime-2 is not affected by this review.
These actions follow Moody's Investors Service's (MIS) decision to put the ratings on Citibank N.A. to review for upgrade. For further details on this action, please refer to the press release, "Moody's reviews US bank holding company ratings to consider reduced government support".
Citibank Japan's standalone credit assessment has been strongly aligned with that of its parent, Citibank N.A., due to their close integration. Therefore, any changes in its parent's ratings will be reflected in the ratings of Citibank Japan.
As Citibank Japan is a strategically important subsidiary of Citibank N.A., MJKK also incorporates a very high probability of support for the bank from its parent, in case of need.
The review will also examine whether the separate standalone credit assessment is feasible for Citibank Japan in view of its localization, and its status as a locally incorporated subsidiary in Japan.
The principal methodology used in these ratings was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Citibank Japan Ltd, headquartered in Tokyo, is Citibank N.A.'s wholly-owned subsidiary.
Re-disseminated by The Asian Banker