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Rating Action:

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

16 Jul 2004
MOODY'S PLACES ON REVIEW FOR POSSIBLE UPGRADE LONG-TERM RATINGS OF BANK OF TOKYO-MITSUBISHI, MITSUBISHI TRUST BANKING CORPORATION, UFJ BANK, AND UFJ TRUST BANK

Tokyo, July 16, 2004 -- Moody's Investors Service has placed on review for possible upgrade the long-term credit ratings of Bank of Tokyo-Mitsubishi Ltd. (BTM), Mitsubishi Trust and Banking Corporation (MTBC), UFJ Bank Ltd. (UFJBK), and UFJ Trust Bank Ltd. (UFJTB), after their two holding companies (Mitsubishi Tokyo Financial Group and UFJ Holdings Inc.) announced they would start working for the signing of basic agreement on business integration. The bank financial strength ratings of BTM (D-) and MTBC (D-) have been placed on review for possible downgrade, while the bank financial strength ratings of UFJBK and UFJTB have been affirmed at E. BTM and MTBC are presently rated A2 for deposits, and UFJBK and UFJTB are rated A3 for deposits. Moody's affirmed the four banks' Prime-1 ratings for short-term deposits.

According to the announcement, the two financial groups are planning to reach the basic agreement by the end of the month. The two financial groups envision an integration of their holding companies by the first half of FY2005. The integration is to create the world's largest financial group, with total assets of JPY190 trillion.

The review will consider the appropriate deposit rating for such a major financial institution operating in a strongly protective regulatory environment, and the long-term prospects for enhancing the combined banks' franchise and earnings potential over time. Moody's will examine the short-term financial pressure possibly arising from UFJBK's accelerated plans to reduce its non-performing assets, the resulting re-capitalisation requirements of UFJ Holdings Inc. and its possible impact on Mitsubishi Tokyo Financial Group' operating banks. Moody's also noted that the review will take an extended period of time and complexity and scale of such an extensive integration may carry significant execution risks.

Mitsubishi Tokyo Financial Group related institutions.

The following ratings were placed under review for possible upgrade:

Bank of Tokyo-Mitsubishi Ltd.: A2 long-term bank deposit ratings, A2 senior unsecured debt ratings, A3 senior and junior subordinated rating, and A2 long-term issuer rating.

BTM (Curacao) Holdings N.V.: A2 senior unsecured rating, A3 senior and junior subordinated rating.

BTM Finance (Curacao) N.A.: A3 senior and junior subordinated rating

Mitsubishi Securities Co., Ltd.: A2 issuer rating

Mitsubishi Securities (HK), Limited: A2 senior unsecured rating.

Mitsubishi Securities International plc.: A2 issuer rating, A2 senior unsecured debt rating, A3 subordinated rating

Bank of Tokyo-Mitsubishi (Deutschland) AG: A2 senior unsecured rating

Bank of Tokyo-Mitsubishi Trust Company: A2 long-term deposit rating, A2 senior unsecured rating and A2 issuer rating

Mitsubishi Trust and Banking Corporation: A2 long-term bank deposit ratings, and A3 senior subordinated rating.

MTBC Finance (Aruba) A.E.C.: A3 senior subordinated rating

The following ratings were placed on review for possible downgrade

Bank of Tokyo-Mitsubishi Ltd.: D- bank financial strength rating

Mitsubishi Trust and Banking Corporation: D- bank financial strength rating

The following ratings were affirmed.

Bank of Tokyo-Mitsubishi Ltd.: Prime-1 short-term bank deposit rating

Mitsubishi Trust and Banking Corporation: Prime-1 short-term bank deposit rating

Bank of Tokyo-Mitsubishi (Deutschland) AG: Prime-1 short-term rating

Mitsubishi Securities International plc.: Prime-1 short-term rating

Mitsubishi Securities (HK), Limited: Prime-1 short-term rating

Bank of Tokyo-Mitsubishi Trust Company: Prime-1 short-term rating, D bank financial strength rating

UFJ Holdings, Inc. related institutions

The following ratings were placed under review for possible upgrade:

UFJ Bank Ltd: A3 long-term bank deposit rating and senior unsecured rating, Baa1 senior and junior subordinated rating

UFJ Trust Bank Ltd.: A3 long-term bank deposit rating, Baa1 senior and junior subordinated debt rating

UFJ Finance Australia Limited: A3 senior unsecured rating

UFJ Finance Aruba A.E.C.: Baa1 senior and junior subordinated rating

UFJ International Finance Asia Limited: A3 senior unsecured rating, Baa1 senior and junior subordinated debt rating

UFJ International plc: A3 senior unsecured rating, Baa1 senior and junior subordinated debt rating

Tokai Finance (Curacao) N.V.: Baa1 senior and junior subordinated debt rating

TTB Finance Cayman Limited: Baa1 senior and junior subordinated debt rating

Tokai Preferred Capital Company L.L.C.: Baa3 preferred stock rating

The following ratings placed under review for possible downgrade were confirmed and placed under review for possible upgrade

TB Finance (Cayman) Ltd.: Ba3 preferred stock rating

Sanwa International Finance (Bermuda) Trust: Ba3 preferred stock rating

UFJ Bank Limited: Ba1 Tier III securities rating

The following ratings were affirmed.

UFJ Bank Ltd.: E bank financial strength rating, Prime-1 short-term bank deposit rating

UFJ Trust Bank Ltd.: E bank financial strength rating, Prime-1 short-term bank deposit rating

UFJ International plc.: Prime-1 short-term 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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