We revised our criteria for banks' hybrid capital and nondeferrable subordinated debt and published the revised criteria on Sept. 18, 2014. We are taking various rating actions on the hybrid capital issues of seven Japanese financial institutions: We are downgrading five banks' Tier 1 capital instruments by one notch and affirming the rest of the hybrid ratings under the scope of our revised criteria. These rating actions reflect our belief that there may be a greater possibility for Tier 1 hybrid capital instruments to absorb losses depending on regulatory and market developments. TOKYO (Standard&Poor's) Sept. 30, 2014--Standard&Poor's Ratings Services today said that it has taken various rating actions on the capital instruments issued by seven Japanese
