Standard & Poor’s Corp. on Thursday upgraded its long-term rating assigned to Tokai Bank to BBB plus from BBB.
The upgrade follows Wednesday’s announcement that Tokai Bank will move forward its plan to merge with Sanwa Bank to Jan. 15 from next April.
Sanwa and Tokai were integrated under a joint holding firm, UFJ Holdings Inc., along with Toyo Trust & Banking Co. this month.
The rating agency left intact its long-term rating on Sanwa at BBB plus, as well as its stable outlook.
On Toyo Trust, S&P left unchanged the BBB long-term rating and its positive outlook.
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