S&P cuts Mizuho hybrid notes

S&P said it lowered the ratings on Mizuho Financial Group Inc.’s hybrid capital instruments to BBB from BBB+ but affirmed the issuer’s A- issuer and senior unsecured ratings.

The downgrade follows the agency’s downward revision to Mizuho’s stand-alone credit profile. “We see a low likelihood of Mizuho FG's RAC ratio recovering to and remaining stably above 7% in the next one to two years. Therefore, we revised downward to a- from a the group SACP,” S&P said in a press release.

The outlook is stable.

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