Japanese Banks’ Debt Ratings Lowered: Standard &...

Japanese Banks’ Debt Ratings Lowered: Standard & Poor’s took the action against Japan’s four biggest trust banks amid concerns of rising interest rates in that country and competition created by deregulation. Affected are ratings for senior long-term debt and certificates of deposit held by Mitsubishi Trust & Banking, Mitsui Trust Finance and Yasuda Trust & Banking. Senior debt held by Sumitomo Trust & Banking was also downgraded. Standard & Poor’s said the debt and certificates of deposit retain a rating of investment grade despite the downgrading.