Japan's samurai bond market is expected to reopen as credit markets show signs of stabilising, helped by government guarantees on bond issues. The first bonds likely to be issued were widely expected to be from Australian banks Westpac BankingandANZ Banking Group. Fitch Ratings downgraded the long-term rating of Global Investment House, a high-profile Kuwaiti bank with $10bn-worth of assets under management, from BBB to C. The downgrade came after the bank failed to meet an estimated $200m international loan repayment deadline.
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