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17 Oct 2000
MOODY'S RAISES MITSUBISHI TRUST'S LONG-TERM RATING TO A3
New York, October 17, 2000 -- Tokyo, October 18, 2000 -- Moody's Investors
Service raised Mitsubishi Trust's long-term deposit rating to A3
from Baa1 and its long-term senior unsecured debt rating to A3
from Baa2. The bank's Prime-2 short-term rating was
confirmed. Its E+ bank financial strength rating was previously
confirmed and was unaffected by this review. The rating actions
conclude the review commenced on April 19, 2000. Mitsubishi
Trust's rating outlook is stable.
According to Moody's, the rating actions for Mitsubishi Trust reflect
Moody's view that the formation of Mitsubishi Tokyo Financial Group ("MTFG")
along with BTM (rated D+/A2/Prime-1) in April 2001 will benefit
Mitsubishi Trust in the following aspects. First, Moody's
believes that the group consolidation will give Mitsubishi Trust better
access to BTM's strong customer base, which will likely enhance
Mitsubishi Trust's core trust operations over the long run.
Second, and more importantly, the new holding company structure
implies mutual and implicit support, which is particularly beneficial
for Mitsubishi Trust's relatively weak financial fundamentals on a stand-alone
basis. Moody's believes that the two financial institutions,
bound under a common holding company, will be encouraged to operate
more as an integrated group, although there is no explicit commitment
between the two banks.
In addition, Mitsubishi Trust's strong presence as a leading trust
service provider in Japan indicates Mitsubishi Trust's strategic importance
for the MTFG. This also supports Moody's expectation for future
assistance from the stronger city bank, if needed.
Yet, Moody's added, this is not an outright merger and that
the two banks plan to maintain separate identities in the meantime.
Further, Japanese regulations do not explicitly require the operating
banks to be responsible for their commonly controlled sibling companies.
As a consequence, Moody's believes that the credit strengths of
the two institutions will remain different, albeit narrowing,
even under a holding company structure.
Moody's said that Mitsubishi Trust has developed a strong trust business
franchise and that its long-term competitive position is relatively
good. Despite its strategic emphasis on trust operations,
however, the profit contribution from trust activities remain relatively
small and Mitsubishi Trust continues to rely upon traditional spread income
as its primary revenue source. With the current business mix,
Mitsubishi Trust will likely remain exposed to balance sheet risks inherent
in its commercial banking operations, which largely define Mitsubishi
Trust's stand-alone credit profile at this date.
Moody's said that the MTFG does not have an immediate plan to combine
the commercial banking operations of Mitsubishi Trust and BTM.
Consequently, Mitsubishi Trust's stand-alone credit profile
will not likely change significantly in the near term, so its bank
financial strength rating remains unchanged at E+. However,
in Moody's opinion, in order to achieve the optimal strategic position
as a group, Mitsubishi Trust's wholesale banking business may be
eventually de-scaled or folded into BTM's much larger banking operations,
which may notably alter Mitsubishi Trust's risk profile, the agency
The following ratings were upgraded:
Mitsubishi Trust & Banking Corporation - the long-term
deposit rating to A3 from Baa1, the senior unsecured debt rating
to A3 from Baa2, and the junior subordinated debt rating to Baa2
MTCB Finance (Aruba) A.E.C. - the subordinated
debt rating to Baa1 from Baa3
The following ratings were confirmed:
Mitsubishi Trust & Banking Corporation - the Prime-2
Mitsubishi Trust & Banking Corporation (Cayman Branch) - the
Prime-2 short-term rating
VP - Senior Credit Officer
Moody's Japan K.K.
JOURNALISTS: (03) 3593-0734
SUBSCRIBERS: (03) 3593-0922
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653
No Related Data.
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