NEW YORK - Economic troubles in Japan have prompted a lowering of credit ratings at two of the country's largest banks.
Dai-Ichi Kangyo Bank, the nation's largest, saw Moody's Investors Service downgrade letters of credit and its other guarantees to AA3 from AAI. The move affected $630 million of partially supported, long-term securities as well as securitized credit card and auto loan portfolios.
IBCA, a European rating agency, downgraded Long-term Credit Bank of Japan, the country's 13th largest, to A-Plus from AA-Minus on long-term issues, and to A-1 from A-1 Plus on short-term issues.
Both rating companies cited deterioration in the banks' asset quality.