On Sept. 18, 2014, we published our criteria for rating bank hybrid capital instruments (see "Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions"). Following the publication of our revised criteria, we are affirming our issue credit ratings on 60 Asia-Pacific (ex-Japan) bank hybrid capital instruments and lowering our ratings on 61 Asia-Pacific (ex-Japan) instruments. With today's rating actions, we believe our ratings on hybrid capital instruments are better positioned for the potential risk of increased loss-absorption, given regulatory and market trends. A key point of difference between the Asia-Pacific banking sector and the U.S. and European banking sectors is the more circumspect approach that is being taken in many Asia-Pacific jurisdictions toward the introduction of senior creditor bail-in
