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Rating Action:

Moody's announces reviews for downgrade of banks' subdebt ratings in Japan

 The document has been translated in other languages

11 Jun 2013

Tokyo, June 11, 2013 -- Moody's Japan K.K. announced today that it placed on review for downgrade the bank subordinated debt (subdebt) ratings that have benefited from an uplift linked to Moody's prior assessment of systemic support in Japan.

The affected banks are:

The Bank of Tokyo-Mitsubishi UFJ Ltd.

UFJ Finance Aruba A.E.C.

BTMU (Curacao) Holdings N.V.

Mitsubishi UFJ Securities International plc

Mizuho Bank, Ltd.

Mizuho Corporate Bank, Ltd.

Mizuho Finance (Aruba) A.E.C.

Mizuho Finance (Cayman) Limited

Mizuho Finance (Curacao) N.V.

Mizuho Financial Group (Cayman) Limited

Mizuho Financial Group (Cayman) 2 Limited

Mizuho Trust and Banking Co., Ltd.

Norinchukin Finance (Cayman) Limited.

Shinsei Bank, Ltd.

Chiba Bank. Ltd.

Sumitomo Mitsui Trust Bank, Limited

STB Finance Cayman Ltd.

Sumitomo Mitsui Banking Corporation

SMBC International Finance N.V.

Kansai Urban Banking Corporation

Minato Bank, Ltd (The)

Resona Holdings, Inc.

Resona Bank, Ltd.

Saitama Resona Bank, Ltd.

The list of the individual program and debt ratings being put under review is provided further below.

Moody's highlights that the reviews of the banks' subdebt ratings are not in any way related to any deterioration in the affected banks' fundamental credit quality.

The review takes place in the context of a methodology update that has changed the way Moody's looks at the probability of support, which has led to several subdebt ratings in multiple banking systems being reviewed simultaneously.

The revised methodology that underpins today's announcement was formally adopted by Moody's Japan K.K on June 10, following the announcement of a revised methodology by Moody's Investors Service on May 31. The revised methodology was announced following a public comment period launched in early April 2013. Both documents can be found on www.moodys.com, and their titles are Moody's Global Banks Rating Methodology (May 31, 2013) and Moody's Proposed Approach for Rating Certain Bank Contingent Capital Securities and Update to Approach for Rating Bank Subordinated Debt (April 10, 2013).

Moody's expects to conclude its review within the next three months.

RATINGS RATIONALE

The methodology update and the related rating actions announced today are driven by the conclusion that government policy to deal with ailing banks has evolved globally -- albeit at different speeds and degrees across systems -- necessitating an update of our support assumptions.

With respect to Japan, Moody's will update its support assumptions, in light of the well-developed resolution framework that is currently being revised to meet Financial Stability Board best practice guidelines for resolution regimes.

Moody's notes that Japan's resolution regime which was effectively utilized during the previous banking crises, was formulated at a time when global systemic stress was lower and when creditor losses were unusual. In times of stress, the politics of bank resolution could change materially, and Japan's regulators may then be more inclined to borrow tools deployed elsewhere. Therefore, although the review for downgrade has nothing to do with any observable change in the intentions of the current administration or deterioration in the credit quality of the banks, Moody's needs to assess whether the government's likely behavior in times of future stress may change compared to previous assumptions. Also, the review will assess the predictability and sustainability of Japan systemic support in comparison to other systems.

The principal methodology used in these ratings was Moody's Global Banks Rating Methodology published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The Japanese banks whose subdebt ratings currently benefit from a support uplift and which have been placed under review for downgrade are:

The Bank of Tokyo-Mitsubishi UFJ Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A1

UFJ Finance Aruba A.E.C. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A1

BTMU (Curacao) Holdings N.V. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A1

Mitsubishi UFJ Securities International plc (Lead analyst: Mutsuo Suzuki)

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

Mizuho Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic currency): (P)A2

- Senior subordinated Medium Term Note Program rating (domestic currency): (P)A2

- Junior subordinated shelf registration rating (domestic currency): (P)A3

- Junior subordinated Medium Term Note Program rating (domestic currency): (P)A3

Mizuho Corporate Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic currency): (P)A2

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated shelf registration rating (domestic currency): (P)A3

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Finance (Aruba) A.E.C. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Finance (Cayman) Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated debt rating (foreign currency): A3(hyb)

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Finance (Curacao) N.V. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Financial Group (Cayman) Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinated Medium Term Note Program rating (foreign currency): (P)A3

Mizuho Financial Group (Cayman) 2 Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

Mizuho Trust and Banking Co., Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (domestic currency): A2

- Senior subordinated shelf registration rating (domestic currency): (P)A2

- Junior subordinated shelf registration rating (domestic currency): (P)A3

Norinchukin Finance (Cayman) Limited. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated debt rating (foreign currency): A2

- Senior subordinated Medium Term Note Program rating (foreign currency): (P)A2

Shinsei Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinated debt rating (foreign currency): Ba2

- Junior subordinated debt rating (foreign currency): Ba3(hyb)

Chiba Bank. Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinated shelf registration rating (domestic currency): (P)A2

- Senior subordinated debt rating (domestic currency): A2

Sumitomo Mitsui Trust Bank, Limited (Lead analyst: Tetsuya Yamamoto)

- Senior subordinate debt rating (domestic currency): A2

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)A2

- Junior subordinate debt rating (foreign currency): A3(hyb)

- Junior subordinate Medium Term Note Program rating (domestic currency): (P)A3

STB Finance Cayman Ltd. (Lead analyst: Tetsuya Yamamoto)

- Senior subordinate debt rating (foreign currency): A2

- Senior subordinate Medium Term Note Program rating (foreign currency): (P)A2

- Junior subordinate debt rating (foreign currency): A3(hyb)

- Junior subordinate Medium Term Note Program rating (foreign currency): (P)A3

Sumitomo Mitsui Banking Corporation (Lead analyst: Mutsuo Suzuki)

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)A1

- Senior subordinate debt rating (domestic currency): A1

- Senior subordinate debt rating (foreign currency): A1

- Junior subordinate debt rating (foreign currency): A2 (hyb)

SMBC International Finance N.V. (Lead analyst: Mutsuo Suzuki)

- Senior subordinate Medium Term Note Program rating (Foreign currency): (P)A1

Kansai Urban Banking Corporation (Lead analyst: Mutsuo Suzuki)

- Senior subordinate debt rating (domestic currency): Baa1

- Junior subordinate debt rating (domestic currency): Baa2 (hyb)

Minato Bank, Ltd (The) (Lead analyst: Mutsuo Suzuki)

- Senior subordinate shelf registration rating (domestic currency): (P)A3

- Senior subordinate debt rating (domestic currency): A3

Resona Holdings, Inc. (Lead analyst: Natsuko Ishida)

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)Baa1

- Junior subordinate Medium Term Note Program rating (domestic currency): (P)Baa2

Resona Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinate debt rating (domestic currency): A3

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)A3

- Junior subordinate Medium Term Note Program rating (domestic currency): (P)Baa1

- Junior subordinate debt rating (foreign currency): Baa1 (hyb)

Saitama Resona Bank, Ltd. (Lead analyst: Natsuko Ishida)

- Senior subordinate Medium Term Note Program rating (domestic currency): (P)A3

- Junior subordinate Medium Term Note Program rating (domestic currency): (P)Baa1

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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Mutsuo Suzuki
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: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's announces reviews for downgrade of banks' subdebt ratings in Japan
No Related Data.
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