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Standard & Poor’s Corp. has raised its long-term rating on the convertible bonds of the new Mizuho Trust & Banking Co. to triple-B from triple-B-minus.

“The rating action follows the completion (Wednesday) of the consolidation of the former Mizuho Trust with Mizuho Asset Trust & Banking (Mizuho Asset) to form the new trust bank,” the U.S. rating agency said.

S&P also said it has removed the rating from CreditWatch. , where it was placed in December.

“The higher rating on Mizuho Trust’s convertible bond reflects the improvement in the business and financial profiles of the newly established bank, and its increased strategic importance to the Mizuho group compared with the former Mizuho Asset,” S&P said.

The agency said it assigned its single-A survivability assessment to the new Mizuho Trust and withdrew its single-A-minus survivability rating on Mizuho Asset, reflecting “the likelihood that the government would provide support to enable Mizuho Trust to remain in operation in the case of serious financial difficulty.”

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