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I AGREE
Rating Action:

Moody's aligns Mitsubishi UFJ Securities HD and its operating subsidiaries' and affiliate's ratings with Mitsubishi UFJ Financial Group at A1/P-1

 The document has been translated in other languages

13 Jun 2016

Tokyo, June 13, 2016 -- Moody's Japan K.K. has upgraded Mitsubishi UFJ Securities Holdings, Co., Ltd. (MUSHD)'s long-term issuer rating to A1 from A3 and short-term issuer rating to P-1 from P-2. Moody's has also upgraded the long-term issuer ratings of MUSHD's subsidiaries Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS) and Mitsubishi UFJ Securities International plc (MUSI) and affiliate Morgan Stanley MUFG Securities Co., Ltd. (MSMS) to A1 from A2, thereby aligning the ratings with the ratings of Mitsubishi UFJ Financial Group, Inc. (MUFG) at A1/P-1.

The ratings outlook is stable.

A full list of affected ratings is provided at the end of this press release.

RATINGS RATIONALE

The aligned ratings of MUSHD, MUMSS, MUSI, MSMS, and MUFG reflects Moody's view that MUFG and its major subsidiaries including The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU, A1 stable), Mitsubishi UFJ Trust and Banking Corporation (MUTB, A1 stable) and MUSHD will benefit from the same level of government support.

Underlying Moody's assessment is the announcement on 15 April 2016 by Japan's Financial Services Agency (FSA) of the framework for the resolution of the country's three globally systemically important banks (G-SIBs). In its announcement, the FSA explicitly stated that it could take measures other than resolution and gave the example of pre-emptive support.

Moody's believes that pre-emptive capital injections remain the preferred method of Japanese regulatory authorities in maintaining financial stability, and that Japanese regulatory authorities view MUFG as a single financial institution for preemptive support considerations. As a result, Moody's believes that all core MUFG entities—including MUSHD and its subsidiaries and affiliate—benefit equally from government support.

Moody's assesses the probability of government support for MUFG--the largest banking group in Japan by consolidated assets--as "very high", given MUFG's importance to Japan's banking system.

MUFG has positioned it banking, trust banking and securities businesses as strategically important units in growing its earnings, and business collaborations between BTMU, and MUMSS and MUSI, as well as between MUMSS and MSMS has been increasing.

In addition, MSMS is also a strategically important consolidated subsidiary of Morgan Stanley (A3 stable). While Morgan Stanley is the guarantor of MSMS' Backed Commercial Paper, we believe that if Morgan Stanley were unable to provide support in a crisis, support would ultimately flow from MUFG.

MUSHD's standalone credit strength takes into consideration factors such as its: (1) franchise as one of Japan's major domestic securities companies; (2) franchise in retail customer assets; and (3) adequate levels of liquidity and capital.

MUSHD's standalone credit assessment also reflects the challenges that the company faces, such as: (1) its vulnerability to capital market fluctuations; and (2) the relative weakness of its equity and retail franchise when compared to larger domestic peers.

Factors that Could Lead to an Upgrade

An upgrade is unlikely over the next 12-18 months because MUSHD's, MUMSS', MUSI's, MSMS' A1 ratings are at the same level as the sovereign rating.

Factors that Could Lead to a Downgrade

Factors that could result in a downgrade of MUSHD's, MUMSS', MUSI's, MSMS' ratings include, but are not limited to the following: (1) a downgrade of the sovereign rating; or (2) a downgrade of MUFG's ratings.

The principal methodology used in these ratings was Global Securities Industry Methodology (Japanese) published in July 2013. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

Mitsubishi UFJ Securities Holdings Co., Ltd., headquartered in Tokyo, Japan, is a core subsidiary of Mitsubishi UFJ Financial Group, Inc., which is the largest banking group in Japan. Its major subsidiaries and affiliate include Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Mitsubishi UFJ Securities International plc, and Morgan Stanley MUFG Securities Co., Ltd.

The following ratings/issuers are affected.

Mitsubishi UFJ Securities Holdings Co., Ltd.

Outlook: stable

- Long-term Issuer Rating: upgraded to A1 from A3

- Short-term Issuer Rating (domestic currency): upgraded to P-1 from P-2

Mitsubishi UFJ Morgan Stanley Securities. Co., Ltd.

Outlook: stable

- Long-term Issuer Rating (domestic currency): upgraded to A1 from A2

- Short-term Issuer Rating (domestic currency): affirmed at P-1

Mitsubishi UFJ Securities International plc

Outlook: stable

- Long-term Issuer Rating: upgraded to A1 from A2

- Short-term Issuer Rating (domestic currency): affirmed at P-1

- BACKED Senior Unsecured (foreign currency): upgraded to A1 from A2

- BACKED Senior Unsecured MTN (foreign currency): upgraded to (P)A1 from (P)A2

- BACKED Subordinate MTN (foreign currency): upgraded to (P)A2 from (P)A3

- BACKED Commercial Paper (foreign currency): affirmed at P-1

Morgan Stanley MUFG Securities Co., Ltd.

Outlook: stable

- Long-term Issuer Ratings (foreign and domestic currency): upgraded to A1 from A2

- BACKED Commercial Paper (domestic currency): affirmed at P-1

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 2. The Financial Services Agency has not imposed any supervisory measures on Moody's Japan K.K. in the past year.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Raymond Mark Spencer
Senior Vice President
Financial Institutions Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Moody's aligns Mitsubishi UFJ Securities HD and its operating subsidiaries' and affiliate's ratings with Mitsubishi UFJ Financial Group at A1/P-1
No Related Data.
© 2023 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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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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 credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. 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 — Charter Documents - 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

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

​

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