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Related Issuers
Bank of Tokyo, Ltd.
Bank of Tokyo-Mitsubishi (Australia) Ltd.
Bank of Tokyo-Mitsubishi (Belgium) S.A.
Bank of Tokyo-Mitsubishi (Deutschland) AG
Bank of Tokyo-Mitsubishi Ltd. (Cayman Isles)
Bank of Tokyo-Mitsubishi Ltd. (London Branch)
Bank of Tokyo-Mitsubishi Ltd. (Paris Branch)
Bank of Tokyo-Mitsubishi UFJ Trust Company
BTM Cayman Finance Ltd.
BTM Finance (Curacao) N.A.
BTM Finance (Holland) N.V.
BTMU (Curacao) Holdings N.V.
BTMU CAPITAL CORPORATION
Fleet Business Credit, LLC
MBL International Finance (Bermuda) Trust
Mitsubishi Bank, Ltd.
Mitsubishi UFJ Investor Serv. & Bnkg (Lux) SA
MUFG Americas Holdings Corporation
MUFG Bank, Ltd.
MUFG Bank, Ltd., Hong Kong Branch
MUFG Securities Asia Limited
MUFG Securities EMEA plc
MUFG Union Bank, N.A.
Nippon Trust Bank Ltd.
Sanwa Australia Limited
Sanwa Bank Canada
Sanwa Bank, Ltd.
Sanwa Bank, Ltd. (Paris Branch)
Sanwa International Finance (Bermuda) Trust
SB Treasury Company L.L.C.
SMBC Capital Markets, Inc.
SMBC International Finance N.V.
Sumitomo Bank, Ltd.
Sumitomo Finance (Asia) Ltd.
Sumitomo Finance International plc
Sumitomo Mitsui Bank.Corp, Cayman Branch
Sumitomo Mitsui Banking Corp., New York Br
Sumitomo Mitsui Banking Corporation, Paris Br
Sumitomo Mitsui Finance Australia Limited
Tokyo Trust Bank, Limited
Tokyo-Mitsubishi Securities Co., Ltd.
UFJ Bank Limited (Cayman Branch)
UFJ Finance Aruba A.E.C.
UFJ Finance Australia Limited
UFJ International Finance Asia Limited
UFJ International Plc
UnionBanCal Commercial Funding Corp.
United California Bank
Rating Action:

MOODY'S DOWNGRADES CREDIT RATINGS OF THREE MAJOR JAPANESE BANKS

26 Jan 1999
MOODY'S DOWNGRADES CREDIT RATINGS OF THREE MAJOR JAPANESE BANKS Tokyo, January 26, 1999 -- Moody's Investors Service today downgraded the credit ratings and financial strength ratings of three major Japanese banks. These actions conclude reviews commenced on October 23, 1998. The downgrades reflect the deterioration in the banks' asset quality and erosion of their economic capital, as well as Moody's assessment that the banks are unlikely to raise their profitability to satisfactory levels in the medium-term.


Although the banks have increased their loan loss reserves substantially, Moody's said, these provisions primarily address bad debts from the bubble era, rather than new problem loans arising from the sharp recession in Japan. In Moody's opinion, the difficult economic environment in Japan is likely to impair the creditworthiness of borrowers, particularly medium-size and small companies, that have been able to service their bank debt until the present. Moody's added that banks have established significant reserves against their exposures to Indonesian borrowers but their reserves regarding other Asian borrowers are modest. Consequently, Moody's expects that the banks' results will be constrained by the need for substantial credit expenses in the medium-term.


Moody's said that the banks' economic capital has also decreased because the sustained decline in the stock market has dramatically eroded or, in some instances, eliminated their unrealized gains on their equity holdings.


Two of the banks will receive capital injections from the government, Moody's said, and these steps are positive insofar as they demonstrate official recognition of the challenges facing the industry and the need for governmental action. However, Moody's added, it is unlikely that these securities as currently structured will substantially increase the banks' economic capital.


The banks have taken steps to improve their profitability, Moody's said, by raising their pricing on loans and reducing their business with less profitable customers. The banks have also announced plans to restructure their branch networks, both in Japan and abroad, which should streamline their operations and lower their cost structure over time. However, Moody's added, the repricing actions undertaken so far have been relatively modest. In the rating agency's opinion, the changes made to date do not demonstrate a fundamental change in the banks' pricing of risk, nor do they indicate a substantially improved outlook for the banks' profitability over the medium term.


The following banks' ratings were adjusted:


The Bank of Tokyo-Mitsubishi, Ltd.

Moody's Investors Service downgraded Bank of Tokyo-Mitsubishi's long-term deposit and senior debt ratings to A2 from A1 and its bank financial strength rating (BFSR) to D+ from C. Moody's confirmed the Prime-1 rating for short-term obligations of Bank of Tokyo-Mitsubishi and its rated subsidiaries. Moody's also downgraded the deposit rating and the issuer rating of Nippon Trust to A3 from A2. The Prime-1 rating for short-term obligations was confirmed. The E+ BFSR was not subject to the review. The rating outlook is stable.


BTM remains one of the strongest city banks, and the bank has benefited from a large influx of low-cost deposits, according to Moody's, which has enhanced its liquidity and helped to stabilize its pre-provision income. Nonetheless, the rating agency added, BTM's profitability is low, with little prospect of substantial improvement.


BTM's asset quality is marginally better than other major banks', according to Moody's. However, the bank has exposures to certain problematic borrowers as well as other members of the Mitsubishi group that are in weak condition, which could aggravate asset quality issues over time. BTM's economic capital base is also stronger than other large banks, partly because the bank still has gains on its equity holdings.


BTM plans to reduce its ownership of UnionBanCal Corporation, the parent of Union Bank of California (deposits at A1), but it will remain the majority owner. The transaction will not have an impact on the ratings of either BTM or UnionBanCal. UnionBanCal's ratings were not subject to the review and are not affected by the adjustment of BTM's ratings.


The following ratings were downgraded:

Bank of Tokyo-Mitsubishi, Ltd. -- the long-term deposit rating to A2 from A1, the senior debt rating to A2 from A1; the issuer rating to A2 from A1; the financial strength rating to D+ from C.

Bank of Tokyo-Mitsubishi (Belgium) S.A. -- the senior debt rating to A2 from A1.

BTM (Curacao) Holdings N.V. -- the senior debt rating to A2 from A1, the subordinated debt rating to A3 from A2, and the junior subordinated debt rating to Baa1 from A3.

BTM Cayman Finance Ltd. -- the subordinated debt rating to Baa1 from A3.

BTM Finance (Curacao) N.A. -- the senior debt rating to A3 from A2 and the subordinated debt rating to Baa1from A3.

BTM Finance (Holland) N.V. -- the senior debt rating to A2 from A1.

Bank of Tokyo-Mitsubishi (Deutschland) AG -- the senior debt rating to A2 from A1.

Bank of Tokyo-Mitsubishi Ltd. (Hong Kong) --the long-term bank deposit rating to A2 from A1.

Bank of Tokyo-Mitsubishi (London branch) -- the long-term deposit rating to A2 from A1.

Bank of Tokyo-Mitsubishi (Luxembourg), S.A. -- the long-term deposit rating to A2 from A1 and the bank financial strength rating to D from D+ .

Bank of Tokyo-Mitsubishi (Paris branch) -- the long-term deposit rating to A2 from A1.

Bank of Tokyo-Mitsubishi Trust Company -- the long-term deposit rating to Baa1 from A3, the issuer rating to Baa1 from A3, and the senior debt rating to A2 from A1, and the bank financial strength rating to D from D+.

MBL International (Bermuda) Trust -- the senior debt rating to A2 from A1.

Nippon Trust Bank, Ltd. -- the long-term deposit rating to A3 from A2 and the issuer rating to A3 from A2.

Tokyo Trust Bank, Limited -- the long-term deposit rating to A2 from A1, the issuer rating to A2 from A1 and the bank financial strength rating to D from D+.

Tokyo-Mitsubishi Intl plc -- the senior debt rating to A2 from A1, the issuer rating to A2 from A1, and the subordinated debt rating to A3 from A2.

Tokyo-Mitsubishi Intl. (HK) Ltd -- the senior debt rating to A2 from A1.

Tokyo-Mitsubishi Securities Co. -- the issuer rating to A2 from A1.


The following ratings were confirmed:

Bank of Tokyo-Mitsubishi, Ltd. -- the Prime-1 short-term deposit rating.

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

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

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

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

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

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

Bank of Tokyo-Mitsubishi Trust Company -- the Prime-1 short-term debt and deposit ratings.

Nippon Trust Bank, Ltd. -- the Prime-1 short-term deposit rating.

Tokyo Trust Bank, Limited -- the Prime-1 short-term deposit rating.

Tokyo-Mitsubishi Intl plc -- the Prime-1 short-term debt and commercial paper ratings.

Tokyo-Mitsubishi Intl. (HK) Ltd. -- the Prime-1 short-term debt rating.

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

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




Sanwa Bank, Ltd.

Moody's downgraded Sanwa's deposit and senior debt ratings to A2 from A1 and the BFSR to D+ from C. Moody's confirmed the short-term rating of Prime-1 of Sanwa and its rated affiliates. The rating outlook is negative.


Sanwa Bank's asset quality and capitalization are superior to most other large Japanese banks, Moody's said, but these have deteriorated. Sanwa has substantial exposures to large customers, such as real estate companies and trading companies, whose performance is worsening, Moody's added.


Sanwa has embarked on an aggressive program to streamline its network in Japan and overseas, which should improve its profitability somewhat, Moody's said. Nonetheless, the prospects for a substantial increase in profit margins appear limited, according to the rating agency.


Sanwa has agreed to form a strategic alliance with Toyo Trust (long-term deposit at Baa2), with which it has had close ties for a long time. Although Moody's recognizes that closer cooperation between the two institutions could result in useful synergies, Sanwa could also face contingent risks relating to Toyo Trust, which has substantial asset quality issues. The rating outlook for Sanwa is therefore negative.


Moody's also downgraded Sanwa Business Credit Corporation's long-term ratings (senior to A2); the ratings have been based primarily on its ownership by Sanwa Bank, which provides support to SBCC through a keepwell agreement. The Prime-1 rating was confirmed.


The following ratings were downgraded:

Sanwa Bank Limited -- Long-term deposit rating and long-term senior debt rating to A2 from A1; bank financial strength rating to D+ from C; subordinated debt rating to A3 from A2.

Sanwa Australia Finance Ltd. -- Long-term senior debt rating to A2 from A1; subordinated debt rating to A3 from A2; junior subordinated debt rating to Baa1 from A3.

Sanwa Australia Limited -- Long-term senior debt rating to A2 from A1.

Sanwa Bank Canada -- Long-term senior debt rating to A2 from A1.

Sanwa Bank Ltd. (Paris Branch) -- Long-term deposit rating to A2 from A1.

Sanwa Bank, Ltd. (Cayman Branch) -- Long-term deposit rating to A2 from A1.

Sanwa Business Credit Corp.-- Long-term senior debt rating to A2 from A1.

Sanwa Finance Aruba (A.E.C.) -- Long-term subordinated debt rating to A3 from A2; junior subordinated debt rating to Baa1 from A3.

Sanwa International Finance (Bermuda) Trust -- preferred stock rating to "baa1" from "a2".

Sanwa International Finance Ltd. -- Long-term senior debt rating to A2 from A1; long-term subordinated debt rating to A3 from A2: junior subordinated debt rating to Baa1 from A3.

Sanwa International Plc -- Long-term senior debt rating to A2 from A1; long-term subordinated debt rating to A3 from A2; junior subordinated debt rating to Baa1 from A3.




The Sumitomo Bank, Ltd.

Moody's downgraded Sumitomo's long-term deposit rating and senior debt ratings to A3 from A2 and its BFSR to D from D+. The Prime-1 rating for short-term obligations was downgraded to Prime-2. The rating for non-cumulative preferred stock was lowered to "baa2" from "baa1". The rating outlook is stable.


Sumitomo has recently strengthened its ties with certain weak institutions. In particular, Sumitomo has significantly increased its exposure to Daiwa Securities (various subsidiaries' senior debt at Baa3) by agreeing to form several joint ventures with Daiwa and to make a large payment to the joint ventures in connection with their formation. In Moody's opinion, Sumitomo is effectively providing support to Daiwa to assist the firm in disposing of most of its troubled real estate financing affiliates' holdings. Sumitomo's overall exposure to Daiwa is large, relative to Sumitomo's equity capital and earnings.


Moody's recognizes that the joint ventures could confer important strategic benefits upon Sumitomo, by providing the bank with a strong platform for competing in the domestic securities business. However, in Moody's opinion, the joint ventures are not likely to make a material contribution to the bank's results over the medium term. Furthermore, Moody's believes that Sumitomo faces possible contingent risks if Daiwa's operating performance does not improve.


Moody's added that Sumitomo also has some significant exposures to certain troubled clients, notably construction companies, whose performance has been adversely affected by the recession in Japan.


The following ratings were downgraded:


Sumitomo Bank, Ltd. -- the bank financial strength rating to D from D+, the long-term deposit rating to A3 from A2, the senior debt rating to A3 from A2, the subordinated debt rating to Baa1 from A3, the junior subordinated debt rating to Baa2 from Baa1, the Prime-1 short-term deposit rating to Prime-2, and the issuer rating to A3 from A2.

Sumitomo Bank, Ltd. (Cayman Branch) -- the Prime-1 short-term deposit rating to Prime-2.

Sumitomo Bank (New York Branch) -- the junior subordinated rating to Baa2 from Baa1.

Sumitomo Bank, Ltd. (Paris Branch) -- the long-term deposit rating to A3 from A2 and the short-term deposit rating to Prime-1 from Prime-2.

Sumitomo Bank Capital Markets, Inc. -- the senior debt rating to A3 from A2 and the Prime-1 commercial paper rating to Prime-2.

Sumitomo Bank International Finance N.V. -- the subordinated debt rating to Baa1 from A3 and the junior subordinated debt rating to Baa2 from Baa1.

Sumitomo Finance (Asia) Ltd. -- the senior debt rating to A3 from A2 and the short-term debt rating to Prime-2 from Prime-1.

Sumitomo Finance International plc -- the senior debt rating to A3 from A2 and the short-term debt and commercial paper rating to Prime-2 from Prime-1.

Sumitomo International Finance Australia Ltd. -- the senior debt rating to A3 from A2 and the short-term deposit, commercial paper, and short-term debt ratings to Prime-2 from Prime-1.

SB Treasury Company L.L.C. -- the preferred stock rating to "baa2" from "baa1".
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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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