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Rating Action:

MOODY'S CONFIRMS BANK OF TOKYO-MITSUBISHI'S RATINGS, AND PLACES MITSUBISHI TRUST BANKING CORPORATION'S CREDIT RATINGS ON REVIEW FOR POSSIBLE UPGRADE

19 Apr 2000
MOODY'S CONFIRMS BANK OF TOKYO-MITSUBISHI'S RATINGS, AND PLACES MITSUBISHI TRUST BANKING CORPORATION'S CREDIT RATINGS ON REVIEW FOR POSSIBLE UPGRADE Moody's Investors Service confirmed the credit and bank financial strength ratings of Bank of Tokyo-Mitsubishi, Ltd. (BTM), Nippon Trust Bank (NTB), and Tokyo Trust Bank (TTB), and placed the long and short term credit ratings of Mitsubishi Trust & Banking Corporation (MTBC) on review for possible upgrade. This is in response to the announcement that these four banks will create a common financial holding company and to merge the trust business of Nippon Trust Bank (NTB) and Tokyo Trust Bank to MTBC in the future. Moody's rates Bank of Tokyo-Mitsubishi A2 for long-term deposits and senior debt, Prime-1 for short-term deposit, and D+ for the bank financial strength rating. Rating outlook for BTM at stable remains unchanged. Placed under review are MTBC's Baa1 long-term deposit rating, Baa2 senior debt rating, and Prime-2 short-term deposit rating. MTBC's bank financial strength ratings of E+ is confirmed.


The four banks have announced their plan to create a common financial holding company by April 2001, and to merge the trust business of TTB, and NTB into MTBC by October 2001. This will lead to the new financial group (to be named Mitsubishi Tokyo Financial Group, Inc.) with total banking assets of approximately yen90trillion. TTB and NTB are consolidated subsidiaries of BTM engaging in specialized trust business. This business integration ultimately targets the strengthening of trust and commercial banking franchises. Both BTM and MTBC will remain as different banking entities at this time.


This rating action reflects Moody's view that this integration scheme has the long-term potential to positively impact the credit ratings of MTBC through the strengthening of its asset management franchise. The confirmation of the rating for BTM, however, reflects continued existence of BTM and MTBC as different banking entities as well as Moody's view that the integration may have a limited short-term contribution to BTM's current franchise in corporate banking, institutional investment banking and retail banking.


The review will focus on the benefits of this integration, particularly the likelihood of enhancement of the franchise in trust business, potential operating expense reductions, and the long-term likelihood of possible integration of commercial banking operations of both BTM and MTBC. The confirmation of E+ bank financial strength rating of MTBC reflects the bank's residual asset quality issues.


The following ratings were confirmed:

Bank of Tokyo-Mitsubishi, Ltd. -- the A2 long-term deposit rating, A2 senior debt rating, the A3 subordinated debt rating, the Prime-1 short-term deposit rating, the D+ financial strength rating.

Bank of Tokyo-Mitsubishi (Belgium) S.A. - the A2 senior debt rating, the Prime-1 short-term debt rating.

BTM (Curacao) Holdings N.V. -- the A2 senior debt rating, the A3 subordinated debt rating, and the Baa1 junior subordinated debt rating.

BTM Cayman Finance Ltd. -- the Baa1 junior subordinated debt rating.

BTM Finance (Curacao) N.A. -- the A3 subordinated senior debt rating, and the Baa1 junior subordinated debt rating.

BTM Finance (Holland) N.V. -- the A2 senior debt rating, the Prime-1 short-term debt rating.

Bank of Tokyo-Mitsubishi (Deutschland) AG -- the A2 senior debt rating, and the Prime-1 short-term debt rating..

Bank of Tokyo-Mitsubishi Ltd. (Hong Kong) --the A2 long-term bank deposit rating.

Bank of Tokyo-Mitsubishi (London branch) -- the A2 long-term deposit rating, the Prime-1 short-term deposit rating.

Bank of Tokyo-Mitsubishi (Luxembourg), S.A. -- the A2 long-term deposit rating, the Prime-1 short-term deposit rating, and the D bank financial strength rating.

Bank of Tokyo-Mitsubishi (Paris branch) -- the A2 long-term deposit rating, the Prime-1 short-term deposit rating.

Bank of Tokyo-Mitsubishi Trust Company -- the Baa1 long-term deposit rating, the Baa1 issuer rating, and the A2 senior debt rating, the Prime-1 short-term debt and deposit ratings and the D bank financial strength rating.

MBL International (Bermuda) Trust -- the A2 senior debt rating.

Bank of Tokyo-Mitsubishi (Australia) Ltd. -- the Prime-1 commercial paper rating.

BTM Capital Corporation -- the Prime-1 commercial paper rating.

Bank of Tokyo-Mitsubishi (Cayman) -- the Prime-1 short-term deposit rating.

Nippon Trust Bank, Ltd. -- the A3 long-term deposit rating, the Prime-1 short-term deposit rating, the A3 issuer rating, and the E+ bank financial strength rating.

Tokyo Trust Bank, Limited -- the A2 long-term deposit rating, the Prime-1 short-term deposit rating, the A2 issuer rating, and the D bank financial strength rating.

Tokyo-Mitsubishi Intl plc -- the A2 senior debt rating, the A2 issuer rating, the A3 subordinated debt rating, and the Prime-1 short-term debt and commercial paper ratings.

Tokyo-Mitsubishi Intl. (HK) Ltd -- the A2 senior debt rating, the A3 rating for euro certificate of deposit note programme, the Prime-1 short-term debt rating.

Tokyo-Mitsubishi Securities Co. -- the A2 issuer rating.

Mitsubishi Trust & Banking Corp. -- the E+ bank financial strength rating.


The following ratings were placed on review for possible upgrade:

Mitsubishi Trust & Banking Corp. -- the Baa1 long-term deposit rating, the Baa2 long-term senior unsecured debt rating, the Ba1 junior subordinated debt rating, and the Prime-2 short-term deposit rating.

Mitsubishi Trust & Banking Corp (Cayman Branch) -- the Prime-2 short-term deposit rating.

Mitsubishi Trust Australia -- the Baa2 long-term senior unsecured debt rating.

MTBC Finance (Aruba) A.E.C. -- the Baa3 subordinated debt rating.

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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