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Related Issuers
Aozora Bank, Ltd.
Asahi Finance (Cayman) Ltd.
Bank of Fukuoka, Ltd. (The)
Bank of Yokohama, Ltd. (The)
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Announcement:

CORRECTION TO TEXT, TODAY'S RELEASE: Moody's takes actions on rated Japanese banks further to sovereign rating review

 The document has been translated in other languages

31 May 2011

Tokyo, May 31, 2011 -- Delete Mitsubishi UFJ Trust and Banking Corporation's A3 senior debt rating in the list of the affected ratings. Revised release follows.

Moody's Japan K.K. has today taken the following rating actions on Japanese banks, including their keep-well letter-supported subsidiaries, subsequent to Moody's decision to place the Aa2 ratings of the government of Japan on review for possible downgrade.

RATINGS RATIONALE

(i) Review for possible downgrade the long-term deposit and debt ratings of all Japanese banks, including their keep-well letter-supported subsidiaries;

(ii) Review for possible downgrade the short-term deposit and debt ratings of selected Japanese banks, including their keep-well letter-supported subsidiaries.

A list of the affected ratings can be found at the end of this press release.

The review for possible downgrade affects all Japanese bank ratings that benefit from any form of systemic support uplift.

In this respect, deposit and debt ratings that benefit from uplift due to systemic support may be negatively affected by either:

(i) a weakening in the government of Japan's creditworthiness; or

(ii) a potential reduction in the likelihood that the Japanese government would support Japanese banks, in case of need, although Moody's believes that the incentive for the government to continue providing support -- within its capacity -- remains strong.

Over the course of the review period, Moody's will assess the extent to which a potentially lower-rated government would be able to support its banking system, in case of need, and to the extent captured in current ratings.

In the case of Japan's banking system, Moody's notes that the amount of uplift in some existing ratings is high, when seen in a global context, and reflects the historic support that has occurred, as well as the presence of a framework that allows the government to act quickly to provide capital to troubled banks.

The Bank of Japan has also historically acted promptly to provide liquidity to the system, when required, most recently in the environment following the March 11 earthquake.

Nevertheless, Moody's is concerned that, as fiscal pressures continue to build for the government, it may be increasingly difficult to expect it to be able to provide support at those levels seen historically.

Risks are increasing that hard choices will have to be made in the future between protecting the government's own balance sheet and providing significant levels of support to a banking system at a time of stress.

In this context, Moody's notes recent events surrounding The Tokyo Electric Power Company, Incorporated (long-term debt rating of Baa2 on review for possible downgrade) -- the operator of the troubled Fukushima Daiichi Nuclear Power Station -- and which highlight the increasing pressures faced by the government as it seeks to balance growing fiscal and political challenges and address the needs of large, systemically important institutions that require support.

The review will also consider the ongoing negative outlook for the Japanese banking system, and the small, but growing, risk that pressures on the sovereign will ultimately spill over into the broader macro-economic environment; thereby impacting in turn bank asset quality and ultimately bank standalone financial strength ratings.

For example, a rise in government yields could carry significant implications for the valuations of the large amounts of government bonds held in the banking system. In addition, such a rise in yields, if material, would likely increase asset quality pressures for the banks' broader loan books.

Looking ahead, Moody's believes that the profitability of the banks will remain weak, given the country's difficult economic conditions, long-term structural challenges, and the competitive nature of the banking environment. As such, capital regeneration is a long- term challenge for the banking sector in Japan, leaving the banks less able to manage unexpected and large losses without external support or further capital raisings.

In reviewing the long-term deposit and senior debt ratings, Moody's will take into account the conclusion of the review of the sovereign rating.

As the banks' subordinated ratings are also impacted by a change in the senior debt ratings and current support assumptions, Moody's has also placed these ratings on review for possible downgrade, together with the short-term deposit and debt ratings.

However, the preferred stock ratings for those preferred securities issued by the special purpose corporations of large Japanese banks are not on review as these ratings do not incorporate any expectation of systemic support.

Please see ratings tab on the issuer/entity page on the Moody's website for the last rating action and the rating history.

The principal methodologies used in this rating were Moody's Bank Financial Strength Ratings: Global Methodology and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published on September 30, 2010, and available on www.moodys.co.jp.

List of the affected ratings are as follow (includes prospective ratings on shelf registrations/programs where applicable).

Mitsubishi UFJ Securities Holdings Co., Ltd.: A1 issuer rating and Prime-1 issuer rating

Mitsubishi UFJ Securities (HK), Ltd.: Aa3 long-term Deposit Note/CD Program

Mitsubishi UFJ Securities International plc: Aa3 issuer rating, Aa3 senior debt rating, and A1(hyb) subordinated debt rating

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.: Aa3 issuer rating

Mitsubishi UFJ Trust and Banking Corporation: Aa2 long-term deposit rating

Mitsubishi UFJ Trust International, Ltd.: Aa3 issuer rating

Bank of Tokyo-Mitsubishi UFJ, Ltd.: Aa2 issuer rating, Aa2 long-term deposit rating, Aa2 senior unsecured rating, Aa3 senior subordinated debt rating, Aa3 subordinated debt rating, and A1(hyb) junior subordinated debt rating

Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch: Aa2 long-term Deposit Note/CD Program

BTMU (Curacao) Holdings N.V.: Aa2 senior debt rating, Aa3 subordinated debt rating, and A1(hyb) junior subordinated debt rating

Bank of Tokyo-Mitsubishi UFJ, Ltd., Sydney Branch: Aa2 long-term Deposit Note/CD Program

Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch: Aa3 subordinated debt rating

UFJ Finance Aruba A.E.C.: Aa3 subordinated debt rating

Sumitomo Mitsui Banking Corporation: Aa2 long-term deposit rating, Aa2 senior debt rating, Aa3 subordinated debt rating, and A1(hyb) junior subordinated debt rating

Sumitomo Mitsui Banking Corporation, New York Branch: A1(hyb) junior subordinated debt rating

SMBC Capital Markets, Inc.: Aa2 senior debt rating

SMBC International Finance N.V.: Aa3 subordinated debt rating and A1(hyb) junior subordinated debt rating

Sumitomo Mitsui Banking Corporation Europe Ltd.: Aa2 long-term deposit rating

SMBC Nikko Securities Inc.: Aa3 issuer rating and Aa3 senior debt rating

Mizuho Financial Group, Inc.: Prime-1 short-term debt rating

Mizuho Bank, Ltd.: Aa3 issuer rating, Aa3 long-term deposit rating, Aa3 senior debt rating, A1 senior subordinated debt rating, and A2 (hyb) junior

subordinated debt rating

Mizuho Corporate Bank, Ltd.: Aa3 issuer rating, Aa3 long-term deposit rating, Aa3 senior debt rating, A1 senior subordinated debt rating, and A2 (hyb) junior subordinated debt rating

Mizuho Corporate Asia (HK) Limited: Aa3 senior debt rating

Mizuho Corporate Bank Nederland N.V.: Aa3 senior debt rating

Mizuho Corporate Bank, Ltd. Hong Kong Branch: Aa3 long-term deposit rating

Mizuho Corporate Bank, Ltd. Paris Branch: Aa3 long-term deposit rating

Mizuho Corporate Bank, Ltd. Sydney Branch: Aa3 senior debt rating

Mizuho Finance (Aruba) A.E.C.: A1 senior subordinated debt rating, and A2 (hyb) junior subordinated debt rating

Mizuho Finance (Cayman) Limited: A1 senior subordinated debt rating, and A2 (hyb) junior subordinated debt rating

Mizuho Finance (Curacao) N.V.: Aa3 senior debt rating, A1 senior subordinated debt rating, and A2 (hyb) junior subordinated debt rating

Mizuho International plc: A1 senior debt rating, and Prime-1 short-term debt rating

Mizuho Securities Co., Ltd.: A1 senior debt rating, and Prime-1 short-term debt rating

Mizuho Securities USA Inc.: A1 senior debt rating, and Prime-1 short-term debt rating

Mizuho Financial Group (Cayman) Limited: A1 senior subordinated debt rating, and A2 (hyb) junior subordinated debt rating

Mizuho Trust & Banking Co., Ltd.: Aa3 long-term deposit rating, Aa3 senior debt rating, A1 senior subordinated debt rating, and A2 (hyb) junior subordinated debt rating

Mizuho TB (Aruba) A.E.C.: A1 senior subordinated debt rating

Trust & Custody Services Bank, Ltd.: Aa3 long-term deposit rating

Resona Holdings, Inc.: A3 senior subordinated debt rating, and Baa1 (hyb) junior subordinated debt rating

Resona Bank, Ltd.: A1 long-term deposit rating, A2 senior subordinated debt rating, A3 (hyb) junior subordinated debt rating, and Prime-1 shortterm

debt rating

Saitama Resona Bank, Ltd.: A1 long-term deposit rating, A2 senior subordinated debt rating, A3 (hyb) junior subordinated debt rating, and

Prime-1 short-term debt rating

Kinki Osaka Bank, Ltd.: A1 long-term deposit rating, and Prime-1 short-term debt rating

Daiwa International Finance (Cayman) Ltd.: A2 senior subordinated debt rating

Daiwa PB Limited: A3 (hyb) junior subordinated debt rating

Asahi Finance (Cayman) Ltd.: A2 senior subordinated debt rating, and A3 (hyb) junior subordinated debt rating

Sumitomo Trust And Banking Co. Ltd.: Aa3 long-term deposit rating, Aa3 senior debt rating, A1 senior subordinated debt rating, and A2 (hyb) junior subordinated debt rating

Sumitomo Trust & Banking Co. (U.S.A.): Aa3 long-term deposit rating

STB Finance Cayman Ltd.: A1 senior subordinated debt rating, and A2 (hyb) junior subordinated debt rating

Chuo Mitsui Trust & Banking Co., Ltd.: A1 long-term deposit rating, A2 senior subordinated debt rating, A3 (hyb) junior subordinated debt rating, and Prime-1 short-term debt rating

Chuo Mitsui Asset Trust and Banking Co, Ltd.: A1 long-term deposit rating, and Prime-1 short-term debt rating

Japan Trustee Services Bank, Ltd.: Aa3 long-term deposit rating

Shinsei Bank, Limited.: Baa3 long-term deposit rating, Baa3 senior debt rating, Ba1 senior subordinated debt rating, Ba2 (hyb) junior

subordinated debt rating, and Prime-3 short-term debt rating

Aozora Bank, Ltd.: Baa1 long-term deposit rating, Baa1 senior debt rating, and Prime-2 short-term debt rating

Shinkin Central Bank: Aa3 long-term deposit rating

The Norinchukin Bank: Aa3 issuer rating, Aa3 long-term deposit rating, and Aa3 senior unsecured rating

The Chiba Bank, Ltd.: A1 issuer rating, A1 long-term deposit rating, A2 senior subordinated debt rating, and Prime-1 short-term debt rating

The Shizuoka Bank, Ltd.: Aa3 issuer rating, Aa3 long-term deposit rating, and Aa3 senior debt rating

The Higo Bank, Ltd.: A1 long-term deposit rating and Prime-1 short-term debt rating

The Gunma Bank, Ltd.: A1 issuer rating, A1 long-term deposit rating, and Prime-1 short-term debt rating

The Joyo Bank, Ltd.: A1 long-term deposit rating, A1 senior debt rating, and Prime-1 short-term debt rating

The Bank of Yokohama, Ltd.: A1 long-term deposit rating and Prime-1 short-term debt rating

The Minato Bank, Ltd.: Aa2 long-term deposit rating, Aa3 senior subordinated debt rating, and Prime-1 short-term debt rating

The Hiroshima Bank, Ltd.: A3 long-term deposit rating

The Chugoku Bank, Limited: Aa3 issuer rating and Aa3 long-term deposit rating

Kansai Urban Banking Corporation: Aa2 long-term deposit rating, Aa3 senior subordinated debt rating, A1(hyb) junior subordinated debt rating, and Prime-1 short-term debt rating

The Ogaki Kyoritsu Bank, Ltd.: A3 long-term deposit rating

The Hyakujushi Bank, Ltd.:A2 long-term deposit rating and Prime-1 short-term debt rating

The San-in Godo Bank, Ltd.: A2 long-term deposit rating and Prime-1 short-term debt rating

The Daishi Bank, Ltd.: A2 long-term deposit rating and Prime-1 short-term debt rating

The Bank of Fukuoka, Ltd.: A3 issuer rating and A3 long-term deposit rating

Suruga Bank, Ltd.: A3 long-term deposit rating

The Kiyo Bank, Ltd.: Baa1 long-term deposit rating and Prime-2 short-term debt rating

Moody's will be hosting the following investor teleconferences in support of the above rating action(s) on Wednesday June 1:

- For Asia (in English): 14:00 HKT, 15:00 JST; 16:00 EST

- For Japan (in Japanese): 15:00 HKT, 16:00 JST; 17:00 EST

- For EMEA/Americas (in English): 07:00 PDT; 10:00 EDT, 15:00 BST, 16:00 CET

Please register for these events at www.moodys.com/events or email: asiaevents@moodys.com

Tokyo
Mutsuo Suzuki
Senior Vice President - Regional Credit Officer
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Minoru Kubota
MD - Financial Institutions
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

CORRECTION TO TEXT, TODAY'S RELEASE: Moody's takes actions on rated Japanese banks further to sovereign rating review
No Related Data.
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