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Announcement:

Moody's changes outlook on Japan Mega-Banking groups' ratings to negative

 The document has been translated in other languages

Global Credit Research - 22 Feb 2011

Tokyo, February 22, 2011 -- Moody's Japan K.K. has changed the rating outlook for the long-term ratings of the related issuers of three Japanese Mega-Banks to negative from stable.

Their Prime-1 short-term ratings, Bank Financial Strength Ratings, and preferred securities ratings -- in which systemic support has not been incorporated -- were unaffected.

The affected issuers are:

- The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)

- Mitsubishi UFJ Trust Banking Corporation (MUTB)

- BTMU and MUTB subsidiaries, as supported by a keep-well letter or guarantee from BTMU and MUTB (Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Mitsubishi UFJ Securities Holdings Co., Ltd., Mitsubishi UFJ Securities International plc, Mitsubishi UFJ Securities (HK) Capital, Ltd., and Mitsubishi UFJ Trust International Limited)

- Sumitomo Mitsui Banking Corporation (SMBC)

- Kansai Urban Banking Corporation

- The Minato Bank, Ltd.

- SMBC subsidiaries, as supported by a keep-well letter from SMBC (Sumitomo Mitsui Banking Corporation Europe Limited, and Nikko Cordial Securities Inc.)

- Mizuho Bank, Ltd. (MHBK)

- Mizuho Corporate Bank, Ltd. (MHCB)

- Mizuho Trust and Banking Co. Ltd. (MHTB)

- Trust & Custody Services Bank, Ltd. (TCSB)

- MHCB subsidiaries, as supported by a keep-well letter from MHCB (Mizuho Securities Co., Ltd., Mizuho International plc, and Mizuho Securities USA Inc.)

RATING RATIONALE

The change in outlook follows the change in outlook for the Government of Japan's bond ratings to negative from stable.

The government debt rating is a key input into the supported senior unsecured ratings for the Japanese banks, and which reflect their standalone credit quality and Moody's assumptions about the systemic support available to the banking sector in times of stress.

At the Aa level ratings of the Mega-Banks, a downgrade of the government rating would result in a downgrade in their ratings, absent a material improvement in their standalone credit quality.

The last rating action with respect to BTMU and MUTB was on August 12, 2009, when all the ratings were confirmed.

The last rating action with respect to SMBC was on August 25, 2009, when the bank's all ratings were confirmed.

The last rating action with respect to MHBK, MHCB, MHTB and TCSB was on April 8, 2009, when their long-term ratings were lowered to Aa3 from Aa2.

The last rating action with respect to Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. was on September 29, 2010, when its long-term issuer rating was lowered to Aa3 from Aa2.

The last rating action with respect to Mitsubishi UFJ Securities Holdings Co., Ltd. was on September 29, 2010, when its issuer rating was lowered to A1 from Aa2.

The last rating action with respect to Mitsubishi UFJ Securities International plc and Mitsubishi UFJ Securities (HK) Capital, Ltd. was on September 29, 2010, when their senior unsecured/certificate of deposit ratings were lowered to Aa3 from Aa2.

The last rating action with respect to Mitsubishi UFJ Trust International Limited was on December 6, 2010, when its long-term issuer rating was lowered to Aa3 from Aa2.

The last rating action with respect to Sumitomo Mitsui Banking Corporation Europe Limited was on September 30, 2010, when its Aa2 long-term deposit rating was confirmed.

The last rating action with respect to Nikko Cordial Securities Inc. was on September 29, 2010, when its long-term ratings were lowered to Aa3 from Aa2.

The last rating action with respect to Mizuho Securities Co., Ltd., Mizuho International plc, and Mizuho Securities USA Inc. was on September 29, 2010, when their MTN programme ratings were lowered to (P)A1 from (P)Aa3.

The last rating action with respect to Kansai Urban Banking Corporation was on August 6, 2010, when all of its ratings were confirmed.

The last rating action with respect to The Minato Bank, Ltd. was on July 23, 2010, when the outlook of its bank financial strength rating was revised to stable from negative.

The principal methodologies used for the ratings of above-mentioned banks were Bank Financial Strength Ratings: Global Methodology and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published on September 30, 2010.

The principal methodology used for the ratings of above-mentioned subsidiaries of banks was Global Securities Industry Methodology published on September 30, 2010.

All these principal methodologies are available on www.moodys.co.jp.

The Bank of Tokyo-Mitsubishi UFJ, Ltd., headquartered in Tokyo, is one of the largest banks in Japan.

Mitsubishi UFJ Trust and Banking Corporation, headquartered in Tokyo, is a major trust bank in Japan.

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., headquartered in Tokyo, is one of the major securities companies in Japan. It is 60% indirectly owned by Mitsubishi UFJ Financial Group Inc., one of the largest banking group holding companies in Japan and is 40% indirectly owned by Morgan Stanley.

Mitsubishi UFJ Securities Holdings Co., Ltd., headquartered in Tokyo, is an intermediate holding company wholly owned by Mitsubishi UFJ Financial Group. Its major subsidiaries include Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Mitsubishi UFJ Securities International plc and Mitsubishi UFJ Securities (HK) Capital, Ltd.

Mitsubishi UFJ Trust International Limited, headquartered in London, is a wholly-owned subsidiary of Mitsubishi UFJ Trust and Banking Corporation.

Sumitomo Mitsui Banking Corporation, headquartered in Tokyo, is one of Japan's megabanks.

Kansai Urban Banking Corporation, headquartered in Osaka, is a consolidated subsidiary of the Sumitomo Mitsui Banking Corporation.

The Minato Bank, Ltd., headquartered in Kobe, is a consolidated subsidiary of the Sumitomo Mitsui Banking Corporation.

Sumitomo Mitsui Banking Corporation Europe Limited, headquartered in London, is a consolidated subsidiary of the Sumitomo Mitsui Banking Corporation.

Nikko Cordial Securities Inc., headquartered in Tokyo, is one of the leading securities companies in Japan, and is a wholly owned subsidiary of Sumitomo Mitsui Banking Corporation.

Mizuho Bank, Ltd., headquartered in Tokyo, is one of Japan's major banks, and is a major operating bank in the Mizuho Financial Group, Inc.

Mizuho Corporate Bank, Ltd., headquartered in Tokyo, is one of major banks in Japan, and is a major operating bank of Mizuho Financial Group, Inc.

Mizuho Trust & Banking Co., Ltd., headquartered in Tokyo, is one of the major trust banks in Japan, and is a major operating trust bank subsidiary of Mizuho Financial Group, Inc.

Trust & Custody Services Bank, Ltd., headquartered in Tokyo, is a major custodial bank in Japan.

Mizuho Securities Co., Ltd., headquartered in Tokyo and listed on the Tokyo stock exchange, is one of the largest securities companies in Japan. It is a majority owned subsidiary of Mizuho Corporate Bank, Ltd. which is one of the largest banks in Japan. Its major subsidiaries include Mizuho International plc and Mizuho Securities USA Inc.

Tokyo
Tetsuya Yamamoto
Vice President - Senior Analyst
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Minoru Kubota
MD - Financial Institutions
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

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 changes outlook on Japan Mega-Banking groups' ratings to negative
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