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Rating Action:

Moody's downgrades Japan banks' keep-well letter supported securities subsidiaries following sovereign downgrade

 The document has been translated in other languages

24 Aug 2011

Tokyo, August 24, 2011 -- Moody's Japan K.K. downgraded Japanese banks' keep-well letter supported securities subsidiaries subsequent to Moody's downgrade of the subsidiaries' parent banks.

The downgrade of the parent banks follows in turn the downgrade of the Japanese government bond (JGB) rating to Aa3 with stable outlook from Aa2.

RATING RATIONALE

The rating action on the keep-well letter supported securities subsidiaries concludes the review for downgrade initiated on May 31, 2011.

These actions were prompted by rating downgrades of the subsidiaries' parent and sibling banks:

• Bank of Tokyo-Mitsubishi, Ltd. (Aa3 stable)

• Mitsubishi UFJ Trust and Banking Corporation (Aa3 stable)

• Sumitomo Mitsui Banking Corporation (Aa3 stable)

• Mizuho Corporate Bank, Ltd. (MHCB, A1, under review for downgrade)

The ratings for these keep-well supported securities firms incorporate Moody's view of the significant likelihood of parental support in the event of stress, given their strategic importance to their parent banks.

The provisions of the keep-well agreements for majority ownership and liquidity support are further factors underpinning Moody's assessment of the strength of that support.

Moody's continues its review, initiated in April 25, 2011, for downgrade of all ratings of Mitsubishi UFJ Securities Holdings, as the review was initially prompted by Moody's growing concern over the stand-alone credit fundamentals of Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., as a result -- in turn -- of large-scale losses incurred in its trading operation in the January - March, 2011 quarter.

Moreover, Moody's continues its review for possible downgrade of Mizuho Securities' ratings, because 1) the rating of MHCB, the parent bank, was placed under review for further possible downgrade, and 2) Moody's reassessment of the stand-alone creditworthiness of Mizuho Securities in light of its weak operating performance.

The following issuers' long-term ratings are downgraded by one notch:

SMBC Nikko Securities Inc. (SMBC Nikko) -- Downgraded to A1 from Aa3

Mitsubishi UFJ Trust International Limited. (MUTI)- Downgraded to A1 from Aa3

The following issuers' long-term ratings are downgraded one notch and continue on review for further downgrade:

Mitsubishi UFJ Securities Holdings Co., Ltd. -- Downgraded to A2 from A1

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. -- Downgraded to A1 from Aa3

Mitsubishi UFJ Securities International plc -- Downgraded to A1 from Aa3

Mitsubishi UFJ Securities (HK) Capital, Ltd.- Downgraded to A1 from Aa3

Mizuho Securities Co., Ltd. -- Downgraded to A2 from A1

Mizuho International plc -- Downgraded to A2 from A1

Mizuho Securities USA Inc. -- Downgraded to A2 from A1

The following issuers' Prime-1 short-term debt ratings remain under review for downgrade.

Mitsubishi UFJ Securities Holdings Co., Ltd.

Mizuho Securities Co., Ltd.

Mizuho International plc

Mizuho Securities USA Inc.

The principal methodologies used in this rating were Moody's "Global Securities Industry Methodology", published on September 30, 2010, and available on www.moodys.co.jp.

List of the affected ratings are as follow.

The following ratings were downgraded:

Mitsubishi UFJ Trust International Limited (Lead analyst: Maki Hanatate)

Long-term issuer rating (domestic and foreign currency): to A1 from Aa3

SMBC Nikko Securities Inc. (Lead analyst: Maki Hanatate)

Long-term issuer rating (domestic currency): to A1 from Aa3

Senior Unsecured Medium Term Note Program rating (domestic currency):to (P)A1 from (P)Aa3

The following ratings continue to be reviewed for possible downgrade:

Mitsubishi UFJ Securities Holdings Co., Ltd. (Lead analyst: Maki Hanatate)

Short-term issuer rating: Prime-1

Mizuho Securities Co., Ltd. (Lead analyst: Maki Hanatate)

Other Short-term debt rating (foreign currency): (P)Prime-1

Mizuho International plc (Lead analyst: Maki Hanatate)

Other Short-term debt rating (foreign currency): (P)Prime-1

Mizuho Securities USA Inc. (Lead analyst: Maki Hanatate)

Other Short-term debt rating (domestic currency): (P)Prime-1

The following ratings were downgraded; further review for possible downgrade:

Mitsubishi UFJ Securities Holdings Co., Ltd. (Lead analyst: Maki Hanatate)

Long-term issuer rating: to A2 from A1

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (Lead analyst: Maki Hanatate)

Long-term issuer rating: to A1 from Aa3

Mitsubishi UFJ Securities International plc (Lead analyst: Maki Hanatate)

Long-term issuer rating: to A1 from Aa3

Senior Unsecured debt rating (foreign currency): to A1 from Aa3

Senior Unsecured Medium Term Note Program rating (foreign currency): to (P)A1 from (P)Aa3

Subordinate debt rating (foreign currency): to A2 from A1

Subordinate Medium Term Note Program rating (foreign currency): to (P)A2 from (P)A1

Mitsubishi UFJ Securities (HK), Limited (Lead analyst: Maki Hanatate)

Long-term Deposit Note/CD Program: to (P)A1 from (P)Aa3

Mizuho Securities Co., Ltd. (Lead analyst: Maki Hanatate)

Senior Unsecured Medium Term Note Program rating (foreign currency): to (P)A2 from (P)A1

Mizuho International plc (Lead analyst: Maki Hanatate)

Senior Unsecured debt rating (foreign currency): to A2 from A1

Senior Unsecured Medium Term Note Program rating (foreign currency): to (P)A2 from (P)A1

Mizuho Securities USA Inc. (Lead analyst: Maki Hanatate)

Senior Unsecured Medium Term Note Program rating (domestic currency): to (P)A2 from (P)A1

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's information.

Measures taken to ensure the quality of this information include use of public information, reviews by a third party and verification by the lead analyst.

Moody's considers the quality of information available on the issuer or obligations satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Credit ratings are 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. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, and credit ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such rating or other opinion or information is given or made by Moody's in any form or manner whatsoever. The credit risk of an issuer or its obligations is assessed based on information received from the issuer or from public sources. Moody's may change the rating when it deems necessary. Moody's may also withdraw the rating due to insufficient information, or for other reasons.

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 ratings tab on the issuer/entity page on the Moody's website for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on the Moody's website for further information.

Please see the Credit Policy page on the Moody's website for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Tokyo
Maki Hanatate
VP - Senior Credit Officer
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Hong Kong
Stephen Long
MD - Financial Institutions
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's Japan K.K.
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Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's downgrades Japan banks' keep-well letter supported securities subsidiaries following sovereign downgrade
No Related Data.
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