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Rating Action:

MOODY'S AFFIRMS RATINGS OF MITSUBISHI SECURITIES AND ITS WHOLLY OWNED SUBSIDIARIES

07 Jun 2005
MOODY'S AFFIRMS RATINGS OF MITSUBISHI SECURITIES AND ITS WHOLLY OWNED SUBSIDIARIES

Tokyo, June 07, 2005 -- Moody's Investors Service has affirmed the A1 long-term issuer rating of Mitsubishi Securities Co., Ltd. (Mitsubishi Securities), the A1/Prime-1 program ratings of Mitsubishi Securities International plc (MSI) and the A1 CD program rating of Mitsubishi Securities (HK), Limited (MSHK). The ratings outlook is stable.

This affirmation is in response to the February 18, 2005 official announcement of Mitsubishi Tokyo Financial Group, Inc. (MTFG) and its subsidiaries that in July 2005 MTFG will acquire all the shares of Mitsubishi Securities owned by The Bank of Tokyo-Mitsubishi, Ltd. (Bank of Tokyo-Mitsubishi) and The Mitsubishi Trust and Banking Corporation.

As a result of this ownership change, MSI and MSHK, both of which are currently wholly owned by Mitsubishi Securities and thereby indirectly majority owned by Bank of Tokyo-Mitsubishi through Mitsubishi Securities, will be indirectly majority owned only by MTFG through Mitsubishi Securities.

Moody's understands that the major rationale for this ownership change is to prepare for MTFG's planned management integration with UFJ Group in October 2005. According to the integration plan, Mitsubishi Securities will subsequently merge with UFJ Tsubasa Securities Co. Ltd., a directly-owned subsidiary of UFJ Holdings Inc.

The affirmation of the ratings for Mitsubishi Securities, MSI and MSHK is based upon Moody's expectation that the fundamental credit enhancement from the keepwell agreements entered into between Bank of Tokyo-Mitsubishi and each of three entities will remain unchanged. Bank of Tokyo-Mitsubishi, one of the largest banks in Japan, is currently rated at A1/Prime-1 for its long-term and short-term debts.

Moody's expects that the existing keepwell agreements between Bank of Tokyo-Mitsubishi and the three Mitsubishi entities will be replaced by amended keepwell agreements to reflect MTFG's new direct ownership of Mitsubishi Securities. However, the rating agency anticipates that the agreements' other major provisions will remain unchanged.

For Mitsubishi Securities, Moody's expects that the major provisions of the amended keepwell agreement will be that: (1) MTFG and/or Bank of Tokyo-Mitsubishi will maintain a direct or indirect majority of the issued share capital; (2) MTFG and/or Bank of Tokyo-Mitsubishi will ensure that Mitsubishi Securities has a minimum Tangible Net Worth of JPY100 million at all times; (3) MTFG and/or Bank of Tokyo-Mitsubishi will ensure that Mitsubishi Securities maintains sufficient funds to enable it to satisfy payment obligations for debt securities and financial instruments including derivatives; and (4) MTFG, Bank of Tokyo-Mitsubishi and Mitsubishi Securities acknowledge that relevant beneficiaries of payment obligations shall be entitled to enforce the said obligations under the keepwell agreement against MTFG, Bank of Tokyo-Mitsubishi and/or Mitsubishi Securities.

For MSI, Moody's expects that the major provisions of the amended keepwell agreement will be that: (1) MTFG and/or Bank of Tokyo-Mitsubishi will maintain a direct or indirect majority of the issued share capital; (2) MTFG and/or Bank of Tokyo-Mitsubishi will ensure that MSI has a minimum Tangible Net Worth of GBP1 million at all times; (3) MTFG and/or Bank of Tokyo-Mitsubishi will ensure that MSI maintains sufficient funds to enable it to satisfy payment obligations for debt securities and financial instruments including derivatives, through the provision of share capital or subordinated loans; and (4) MTFG, Bank of Tokyo-Mitsubishi and MSI acknowledge that relevant beneficiaries of payment obligations shall be entitled to enforce the said obligations under the keepwell agreement against MTFG, Bank of Tokyo-Mitsubishi and/or MSI.

For MSHK, Moody's expects that the major provisions of the amended keepwell agreement, which covers its Certificate of Deposit Programme established on February 12, 1999, will be that: (1) MTFG and/or Bank of Tokyo-Mitsubishi will maintain a direct or indirect majority of the issued share capital; (2) MTFG and/or Bank of Tokyo-Mitsubishi will ensure that MSHK maintains a minimum Tangible Net Worth of USD1 million at all times; (3) MTFG and/or Bank of Tokyo-Mitsubishi will ensure that MSHK maintains sufficient funds to enable it to satisfy payment or delivery obligations for the Certificate of Deposit Programme through the provision of share capital or subordinated loans; and (4) MTFG, Bank of Tokyo-Mitsubishi and MSHK acknowledge that relevant CD-holders shall be entitled to enforce the said obligations under the keepwell agreement against MTFG, Bank of Tokyo-Mitsubishi and/or MSHK.

The ratings also incorporate Moody's view of Bank of Tokyo-Mitsubishi's support of and strategic commitment to Mitsubishi Securities, MSI and MSHK as important investment banking arms of MTFG.

The following ratings were affirmed:

Mitsubishi Securities Co., Ltd. -- A1 long-term issuer rating

Mitsubishi Securities International plc -- A1/Prime-1 EMTN program ratings, and A1 issuer rating

Mitsubishi Securities (HK), Limited -- A1 CD programme rating

Tokyo
Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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