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JCR gives BBB+ to Ehime Bank's upcoming debt

Posted on: Thu, 05 Nov 2009 11:51:00 EST

Symbols: EHBLF

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Nov 05, 2009 (M2 PRESSWIRE via COMTEX) --
EHBLF | Quote | Chart | News | PowerRating -- 5 November 2009 - JCR assigned Thursday a BBB+ rating to the upcoming
bonds of Japan's Ehime Bank Ltd (TYO:8541).

The JPY-6-billion (USD 66.3m/EUR 44.7m) subordinated callable bonds No
3 due 2019 will be issued on 11 November 2009 under the bank's shelf
registration.

JCR announced on 18 September the affirmation of the "A-" rating on the
senior debts of the bank.

Since then there have been no significant events that can affect the
rating.

Although its credit costs compared with its net operating profit on
core banking operations remain higher, JCR considers that the bank has
a sufficient level of buffer against the increasing credit costs
because its earnings power measured by ROA (net operating profit on
core banking operations/total assets) for the fiscal year ended 31
March 2009 was relatively high at 0.63%.

JCR considers, however, it necessary to continue to watch the trend of
credit costs, given the prolonged economic recession.

Its 9.15% capital adequacy ratio at the end of March 2009 was below the
average of second regional banks.

The ratio of deferred tax assets to the Tier I capital is also slightly
high.

Improvement in capital both quantitatively and qualitatively is an
issue for the Bank to be addressed.

Comments on this story may be sent to admin@m2.com

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