Fitch drops Japan regional bank ratings

Fitch Ratings has withdrawn its ratings on a large number of Japan’s regional banks, apparently signalling a large cutback by the agency in its Japan business. In a series of announcements between February 24 and April 15, the agency announced that it was simultaneously affirming and withdrawing credit ratings on a list of banks that includes Tokyo-based Shinsei and Aozora banks, as well as Resona bank and a number of regional banks including Hokkaido Bank, Fukuoka bank and Chiba Bank. In total the agency had cut 14 banks from its coverage, saying in each case that the bank was “no longer considered by the agency to be relevant to its coverage.”