Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (28391)	2/4/2003 5:06:45 AM
From: elmatador	of 74559

Nationalization and re-nationalization Message 18266803 Japan banks downgraded amid nationalisation fears 4:00 \| Last Updated: January 31 2003 4:00 Japan's largest banks were yesterday downgraded by Fitch, signalling the credit rating agency's belief that nationalisation remained a strong possibility despite their efforts to shore-up their finances. Citing Japan's declining sovereign rating as well as the banks' weakening finances, Fitch lowered its long-term ratings on Mizuho, the world's largest bank by assets, Sumitomo Mitsui Financial Group, UFJ and Mitsubishi Tokyo Financial Group. Mitsubishi Tokyo's rating was cut to A- from A, Mizuho's to BBB+ from A-, UFJ's to BBB+ from A-, and Sumitomo Mitsui's to BBB+ from A-. It also downgraded most of Japan's other leading regional banks. The downgrade of the "Big Four" reflects the growing belief that the way the three weakest banks are raising capital to stave off the threat of an injection of public funds will not neutralise years of disastrous lending... Atras with banks. Telecoms will be the next step. Message 18284111

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