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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
California Bank & Trust
Fleet Business Credit, LLC
IBJ Australia Bank Ltd.
Industrial Bank of Japan, Ltd.
Industrial Bank of Japan, Ltd., Nassau Br.
Industrial Bank of Japan, Ltd., Paris Branch
MBL International Finance (Bermuda) Trust
Mitsubishi Bank, Ltd.
Mitsubishi UFJ Investor Serv. & Bnkg (Lux) SA
Mizuho Finance (Curacao) N.V.
Mizuho International plc
Mizuho Preferred Capital Company L.L.C.
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 PLACES RATINGS OF FOUR MAJOR JAPANESE BANKS ON REVIEW FOR POSSIBLE DOWNGRADE

23 Oct 1998
MOODY'S PLACES RATINGS OF FOUR MAJOR JAPANESE BANKS ON REVIEW FOR POSSIBLE DOWNGRADE Moody's Investors Service placed on review for possible downgrade the credit ratings and financial strength ratings of four major Japanese banks. Moody's said that the reviews will consider the impact of the increased pressures on the banks' asset quality resulting from the deepening recession in Japan as well as further deterioration in distressed East Asian economies.


Moody's said that the reviews will examine the potential for asset quality problems beyond those currently disclosed, particularly with regard to unconsolidated nonbank subsidiaries and affiliates.


Moody's will also examine the effect of the reduced availability and the higher cost of non-yen denominated funding on the banks' foreign operations'. The reviews will also encompass the banks' plans for maintaining or increasing their economic capital, in light of the above factors and the sustained decline in the value of their stock holdings.


The rating agency noted that the Japanese government has recently enacted legislation that substantially increases the amount of funds available for assisting the banking industry. These steps are positive insofar as they reflect a heightened awareness of the scale of the challenges facing the industry and the need for forceful governmental action. However, Moody's added, there remains uncertainty regarding the details and the implementation of the new program, so that definitive conclusions on the program's impact on the industry and on ultimate credit risk are difficult to make at this time. Furthermore, Moody's said, the reviews of the banks' financial strength ratings will focus on the banks' creditworthiness on a stand-alone basis, without regard to possible external assistance.


The following banks' ratings were placed on review for possible downgrade:


The Bank of Tokyo-Mitsubishi, Ltd.

Moody's Investors Service placed on review for possible downgrade Bank of Tokyo-Mitsubishi's short-term and long-term deposit ratings and its bank financial strength rating. The review will focus on the outlook for BTM's core profitability and its asset quality, including potential contingent exposures to affiliated companies in the Mitsubishi Group.


Moody's confirmed the ratings of UnionBanCal Corporation and Union Bank of California. Union Bank of California operates with a high degree of autonomy, and there are no meaningful linkages with the parent's business.


The following ratings were placed on review:


Bank of Tokyo-Mitsubishi, Ltd. - The Prime-1 rating for short-term deposits and other short-term obligations, the A1 long-term deposit rating, the A1 senior debt rating, the A1 issuer rating, and the C financial strength rating.

Bank of Tokyo-Mitsubishi (Belgium) S.A. -- the A1 senior debt rating, the A3 rating for limited recourse notes, and the P-1 short-term debt rating.

Bank of Tokyo-Mitsubishi Ltd. (Hong Kong) --the A1 long-term debt rating.

BTM (Australia) Ltd. --the Prime-1 commercial paper rating.

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

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

BTM Cayman Finance Ltd. -- the A2 subordinated debt rating.

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

BTM Finance (Holland) N.V. -- the A1 senior debt rating and the P-1 short-term debt rating.

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

Bank of Tokyo-Mitsubishi (London branch) -- the A1 long-term deposit rating and P-1 short-term deposit rating.

Bank of Tokyo-Mitsubishi (Paris branch) -- the A1 long-term deposit rating and the P-1 short-term deposit rating.

Bank of Tokyo-Mitsubishi Trust Company -- the A3 long-term deposit rating, the A1 senior debt rating, the A3 issuer rating, the D+ bank financial strength rating, and the P-1 short-term debt and deposit ratings.

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

Nippon Trust Bank, Ltd. -- the A2 long-term deposit rating; the A2 issuer rating, and the P-1 short-term deposit rating.

Tokyo Trust Bank, Limited -- the A1 long-term deposit rating, the A1 issuer rating, the P-1 short-term deposit rating, and the D+ bank financial strength rating.

Tokyo-Mitsubishi Intl plc -- the P-1 short-term debt and commercial paper ratings, the A1 senior debt rating, the A2 subordinated debt rating, and the A1 issuer rating.

Tokyo-Mitsubishi Intl. (HK) Ltd -- the A1 senior debt rating and the P-1 short-term debt rating.

Tokyo-Mitsubishi Securities Co. -- the A1 issuer rating.

Bank of Tokyo-Mitsubishi (Luxembourg) -- the D+ financial strength rating, the A1 long-term bank deposit rating, and the P-1 short-term bank deposit rating.

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


The following ratings were confirmed:


Union Bank of California -- the A1 long-term deposit rating, the Prime-1 ratings for short-term deposits and cpommercial paper, the C+ bank financial strength rating, the A1 issuer rating, and the "a2" preferred stock rating.

UnionBanCal Corporation-the Prime-1 rating of the company for commercial paper.

UnionBanCal Commercial Funding Corp.-- the A3 subordinated debt rating.

Nippon Trust Bank -- the E+ bank financial strength rating.




The Industrial Bank of Japan, Ltd.


Moody's Investors Service placed on review for possible downgrade the Industrial Bank of Japan's long-term deposit and debt ratings and the bank financial strength rating. The short-term deposit and debt ratings are confirmed. The review will focus on the impact of the sustained rise in IBJ's funding costs on the company's profitability and business mix. Moody's will also examine the trends in IBJ's exposure to troubled borrowers.


IBJ recently entered into a strategic alliance with Dai-Ichi Mutual Life Insurance Company. This move would appear to limit the potential scope of IBJ's joint ventures with Nomura Securities. The review will consider the impact of these developments on IBJ's plans to expand its business in equity underwriting and asset management.


The following ratings were placed on review for possible downgrade:


Industrial Bank of Japan, Ltd.--the A3 senior debt rating, the A3 long-term deposit rating, the Baa1 subordinated debt rating, the Baa2 junior subordinated debt rating, the D bank financial strength rating, and the A3 issuer rating.

IBJ Australia Bank Ltd.--the A3 senior debt rating.

IBJ International plc--the A3 senior debt rating.

Industrial Bank of Japan Finance N.V.--the A3 senior debt rating, the Baa1 subordinated debt rating, and the Baa2 junior subordinated debt rating.

Industrial Bank of Japan, Paris Branch--the A3 long-term bank deposit rating.

IBJ Preferred Capital Company, L.L.C.--the "baa2" preferred stock rating.




Sanwa Bank, Ltd.


Moody's Investors Service placed on review for possible downgrade Sanwa Bank's long-term deposit and debt ratings and the bank financial strength ratings. The short-term deposit and debt ratings are confirmed. The review will focus on the outlook for Sanwa's core profitability and its asset quality. Moody's said that Sanwa appears to have relatively few large, concentrated exposures to domestic troubled borrowers, but the bank has the second-biggest East Asian loan portofolio.


The long-term debt ratings of Sanwa Business Credit Corporation were also placed on review for possible downgrade, because those ratings are supported by a keepwell agreement with the parent. The ratings of Sanwa Bank of California were confirmed. Sanwa Bank of California operates with a high degree of autonomy, and there are no meaningful linkages with the parent's business.


The following ratings were placed under review for possible downgrade:


Sanwa Bank Limited -- the A1 long-term deposit rating and long-term senior debt rating, the C bank financial strength rating, and the A2 subordinated debt rating

Sanwa Australia Finance Ltd. -- the A1 long-term senior debt rating, the A2 subordinated debt rating, and the A3 junior subordinated debt rating

Sanwa Australia Limited -- the A1 long-term senior debt rating

Sanwa Bank Canada -- the A1 long-term senior debt rating

Sanwa Bank Ltd. (Paris Branch) -- the A1 long-term deposit rating

Sanwa Bank, Ltd. (Cayman Branch) -- the A1 long-term debt and deposit ratings

Sanwa Business Credit Corp.-- the A1 long-term senior debt rating

Sanwa Finance Aruba (A.E.C.) -- the A2 long-term subordinated debt rating and the A3 junior subordinated debt rating

Sanwa International Finance Ltd. -- the A1 long-term senior debt rating, the A2 long-term subordinated debt rating, and the A3 junior subordinated debt rating

Sanwa International Plc -- the A1 long-term senior debt rating, the A2 long-term subordinated debt rating; and the A3 junior subordinated debt rating

Sanwa Singapore Ltd. - the A1 long-term senior debt rating

Sanwa International Finance (Bermuda) Trust -- the "a2" preferred stock rating


The following ratings are confirmed:


Sanwa Bank, Ltd. -- Prime-1 rating for short-term deposits

Sanwa Australia Finance Ltd. -- Prime-1 short-term debt rating

Sanwa Bank of California -- Prime-1 ratings for short-term debt and deposits; A2 long-term deposit rating, C financial strength rating, and the A2 issuer rating

Sanwa Bank Ltd. (Paris Branch) -- Prime-1 rating for short-term deposits

Sanwa Bank Ltd. (Cayman Branch) -- Prime-1 rating for short-term deposits

Sanwa Business Credit Corp. -- Prime-1 short term debt and commercial paper ratings

Sanwa International Plc -- Prime-1 short-term debt and commercial paper ratings

Sanwa International Finance Ltd. -- Prime-1 short-term debt rating




Sumitomo Bank, Ltd.


Moody's Investors Service placed on review for possible downgrade Sumitomo Bank's short-term and long-term deposit ratings and its bank financial strength rating. The review will focus on the outlook for Sumitomo's asset quality, including the bank's exposure to contingent risks related to Daiwa Securities (senior debt at Baa3). Sumitomo recently strengthened its ties to Daiwa Securities by agreeing to form several joint ventures with Daiwa and to invest substantial sums in those joint ventures. These steps effectively increased Sumitomo's exposure to Daiwa and reversed a more cautious approach to investment banking activities. The review will also examine the degree of concentration in Sumitomo's portofolio of loans to troubled borrowers. The ratings of Sumitomo Bank of California are not affected by this review, because Sumitomo bank recently sold that subsidiary to Zions Bancorporation, a regional U.S. bank holding company.


The following ratings were placed on review for possible downgrade:


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

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

Sumitomo Bank, Ltd. (Paris Branch) -- the A2 long-term deposit rating and the senior debt rating, and the P-1 short-term deposit rating.

Sumitomo Bank Capital Markets, Inc. -- the A2 senior debt rating and the Prime-1 rating of the company for commercial paper.

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

Sumitomo Finance (Asia) Ltd. -- the A2 senior debt rating and the P-1 short-term debt rating.

Sumitomo Finance International plc -- the A2 senior debt rating and the Prime-1 rating of the company for commercial paper and short-term debt.

Sumitomo International Finance Australia Ltd. -- the A2 senior debt rating, the P-1 short-term deposit rating, and the Prime-1 rating of the company for commercial paper and short-term debt.

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

Sumitomo Bank International finance N.V. -- the A3 subordinated debt rating and the Baa1 junior subordinated debt rating.

Sumitomo Bank (Cayman) -- the P-1 short-term deposit 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.

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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All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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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