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MOODY'S TO RE-RATE LOCAL BANKS ON MARCH 23

27 February 2007 11:00AM
Moody's Investor's Service said it will publish revised credit ratings for banks in Australia and New Zealand on Friday, March 23. The credit ratings agency is publishing revised ratings in line with the new methodology of "joint default analysis".For the first batch of revisions to credit ratings, published last Friday, and applicable to a number of banks in northern Europe and Scandinavia, a number of well recognised names earned increases in credit ratings. Several are rated Aaa for the first time.Among revisions announced at the end of the week Moody's elevated ABN Amro to Aa1 from Aa3; Danske Bank to Aaa from Aa1; Dexia to Aaa from Aa2; Fortis Bank to Aaa from Aa3; ING Bank to Aaa from Aa2; KBC Bank to Aaa from Aa3; SEB to Aa1 from Aa3 and Swedbank to Aa1 from Aa3.Moody's will publish revised ratings each Friday evening for another seven weeks.

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