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Ratings On Japan-Based 77 Bank Affirmed, Then Withdrawn At The Bank’s Request

          TOKYO (S&P Global Ratings) July 12, 2018--S&P Global Ratings today said it has affirmed its 'A-' long-term and 'A-2' short-term issuer credit ratings on Japan -based 77 Bank Ltd. We subsequently withdrew the ratings at the bank's request. The outlook on the long-term issuer credit rating at the time of the withdrawal was negative. 
          Our ratings on 77 Bank reflected its strong position in its home market of Miyagi Prefecture; adequate level of capitalization; well-diversified, small-lot deposit base in the prefecture; and ample liquidity. On the other hand, we also incorporated in the ratings our views of its limited business diversity, low profitability compared with other domestic banks, and relatively high interest risk. The negative outlook reflected our view of an at least one-in-three chance that we would have downgraded 77 Bank in the next two years due to downward pressure on our anchor for Japan-based banks from growing industry risk in Japan's banking sector, 77 Bank's weakening revenue base, and its deteriorating capitalization relative to its risk-weighted assets.