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Rating Action:

MOODY'S UPGRADES RATINGS OF BANK OF TOKYO-MITSUBISHI, MITSUBISHI TRUST BANKING CORPORATION, UFJ BANK AND UFJ TRUST BANK; CREDIT RATING OUTLOOKS STABLE

12 Nov 2004
MOODY'S UPGRADES RATINGS OF BANK OF TOKYO-MITSUBISHI, MITSUBISHI TRUST BANKING CORPORATION, UFJ BANK AND UFJ TRUST BANK; CREDIT RATING OUTLOOKS STABLE

Tokyo, November 12, 2004 -- Moody's Investors Service has upgraded the long-term credit ratings of Bank of Tokyo-Mitsubishi Ltd. (BTM; to A1 from A2), Mitsubishi Trust and Banking Corporation (MTBC; to A1 from A2), UFJ Bank Ltd. (UFJBK; to A1 from A3) and UFJ Trust Bank, Ltd. (UFJTB; to A1 from A3), including the senior unsecured long-term credit ratings of BTM's and UFJBK's banking subsidiaries and keep-well supported subsidiaries (to A1 from A2 and A3). Short-term ratings for these institutions are unaffected by the review. BTM and MTBC's bank financial strength ratings (BFSRs) are confirmed, while those of UFJBK and UFJTB are upgraded to E+ from E. The outlooks for the credit ratings are stable for all related banks, while BFSR outlooks are stable for BTM and MTBC, and positive for UFJBK and UFJTB. These actions conclude the review initiated on July 16, 2004.

These rating actions reflect Moody's view that the planned mergers are highly likely to proceed between the Mitsubishi Tokyo Financial Group Inc. (MTFG) and UFJ Holdings Inc. (UFJHD) - as well as between commercial banking subsidiaries BTM and UFJBK, and between MTBC and UFJTB. The combined consolidated entity is to be the world's largest financial group, with combined total assets of approximately JPY190 trillion.

Moody's observes that the newly integrated bank is to have wider-scale retail and commercial banking, as well as broader geographic diversification inside and outside Japan. The rating agency further notes that this is a complex integration, involving several different business lines - including retail and wholesale commercial banking, trust business, securities broking, non-bank financial business and international operations - and that it involves significant execution risk. Nonetheless, in Moody's opinion both banks' management teams have sufficiently extensive integration experience to execute this task.

Moody's explains that the upgrades of BTM, MTBC, UFJBK and UFJTB's long-term credit ratings are mainly driven by the size of expanded combined banking asset size; with the combined entity being the world's largest bank, it could expect the benefit from safety net if necessary. The equalization of credit ratings is based on Moody's view that inter-bank support will be available within the holding company group. It also reflects Moody's expectation that the integration will be well executed, resulting in a stronger franchise, with more stable and better balanced earnings under a normalizing operating environment in the medium term.

Moody's will pay close attention to UFJBK's expected balance sheet improvement after its recognition of large credit expenses for the interim period to September 2004, the likely capital structure of the newly combined institution and its plan to deal with government preferred capital.

The preferred stock rating of OPCO preferred securities for Tokai Preferred Capital Company, at Ba3, remains under review for possible downgrade. This reflects remaining uncertainty with regard to the payment of dividends for these securities. While there is no legal obstacle to UFJ continuing to pay these dividends, in Moody's view, the bank's autonomy in making this decision is constrained by its need to fully consider the appropriateness of continuing the payments despite the upcoming suspension of its other preferred dividends under Japanese commercial law.

UFJ's future payment of OPCO dividends may lead to the conclusion of the current downward review. However, the integration of MTFG and UFJHD in October 2005 is to include the construction of a new capital structure, under which suspension of payment regarding preferred securities - including OPCO securities - may be less relevant.

The Caa1 preferred stock rating of Sanwa International Finance (Bermuda) Trust was affirmed.

Moody's confirmation of BTM and MTBC's D- BFSR is due to the negative short-term effect on MTFG's capitalization of its injection of JPY700 billion in preferred capital into UFJBK. MTFG made the injection to allow UFJBK and UFJHD to maintain their minimum capital ratio of 8% after UFJBK announced a revised net loss estimate of JPY750 billion for the interim period to September 2004.

The rating confirmation and stable outlook also reflect the current uncertainty associated with UFJBK's plan to substantially reduce its non-performing loans by March 2005. Reflecting the increased concentration risk due to integration with UFJBK, the rating agency will monitor BTM's credit management capability.

The upgrade of BFSRs for UFJBK and UFJTB to E+ from E and positive outlook for their BFSRs is prompted by the bank's benefit from MTFG's recapitalization and Moody's positive evaluation of UFJBK's efforts to improve its loan portfolio.

The key drivers that could lead to positive actions for these BFSRs are improvement in the banks' capitalization in relation to their non-performing loans. Moody's preferred measurement for capitalization is non-performing loans minus loan loss reserve, as a percentage of adjusted Tier I capital (after adjusting for deferred tax assets). Alternatively, weak merger execution or unexpected developments in the planned integration progress could lead to reversals of BFSR and credit rating movements.

Mitsubishi Tokyo Financial Group-related institutions

The following ratings were upgraded:

Bank of Tokyo-Mitsubishi Ltd.: long-term bank deposit rating to A1 from A2, senior unsecured debt rating to A1 from A2, senior and junior subordinated rating to A2 from A3, and issuer rating to A1 from A2

BTM (Curacao) Holdings N.V.: senior unsecured rating to A1 from A2, senior and junior subordinated rating to A2 from A3

BTM Finance (Curacao) N.A.: senior and junior subordinated rating to A2 from A3

Mitsubishi Securities Co., Ltd.: issuer rating to A1 from A2

Mitsubishi Securities (HK), Limited: senior unsecured rating to A1 from A2

Mitsubishi Securities International plc.: issuer rating to A1 from A2, senior unsecured debt rating to A1 from A2, subordinated rating to A2 from A3

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

Bank of Tokyo-Mitsubishi Trust Company: long-term deposit rating to A1 from A2, senior unsecured rating and issuer rating to A1 from A2

Mitsubishi Trust and Banking Corporation: long-term bank deposit rating to A1 from A2, and senior subordinated rating to A2 from A3

MTBC Finance (Aruba) A.E.C.: senior subordinated rating to A2 from A3

The following ratings were confirmed:

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

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

The following rating was affirmed.

Bank of Tokyo-Mitsubishi Trust Company: D bank financial strength rating

UFJ Holdings, Inc.-related institutions

The following ratings were upgraded:

UFJ Bank Ltd: bank financial strength rating to E+ from E, long-term bank deposit rating to A1 from A3, senior unsecured rating to A1 from A3, senior and junior subordinated ratings to A2 from Baa1, Tier III securities rating to A3 from Ba1

UFJ Trust Bank Ltd.: bank financial strength rating to E+ from E, long-term bank deposit rating to A1 from A3, senior and junior subordinated debt rating to A2 from Baa1

UFJ Finance Australia Limited: senior unsecured rating to A1 from A3

UFJ Finance Aruba A.E.C.: senior and junior subordinated ratings to A2 from Baa1

UFJ International Finance Asia Limited: senior unsecured rating to A1 from A3,

UFJ International plc: senior unsecured debt rating to A1 from A3, senior and junior subordinated debt ratings to A2 from Baa1

Tokai Finance (Curacao) N.V.: senior and junior subordinated debt ratings to A2 from Baa1

TTB Finance Cayman Limited: senior and junior subordinated debt ratings to A2 from Baa1

The following ratings remain under review for possible downgrade:

Tokai Preferred Capital Company L.L.C.: Ba3 preferred stock rating

The following ratings were affirmed.

Sanwa International Finance (Bermuda) Trust: Caa1 preferred stock 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.

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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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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