Moody's rates Kansai Urban Banking debts at Aa3.

(ADPnews) - Jun 10, 2011 - Moody's has set a Aa3 rating to the series 13 senior subordinated debts of Kansai Urban Banking Corp Ltd (OSA:8545), or KUBC.

Simultaneously, the agency put the rating on downgrade review.

The lender is a unit of Sumitomo Mitsui Banking Corp (SMBC), which is a subsidiary of Sumitomo Mitsui Financial Group (TYO:8316).

The debts total JPY 15 billion (USD 187.1m/EUR 129.2m) and are part of KUBC's JPY-150-billion domestic shelf registration of January 2011.

The rating is based on the lender's bank financial strength rating (BFSR) of D, mapping to a baseline credit assessment of Ba2, and the "very high" …