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Rating Action:

Moody's downgrades Mitsubishi UFJ Trust International to Aa3

 The document has been translated in other languages

Global Credit Research - 06 Dec 2010

Downgrade concludes review of ratings of Japanese bank subsidiaries supported by keep well letters

Tokyo, December 06, 2010 -- Moody's Japan K.K. has today downgraded Mitsubishi UFJ Trust International Limited's (MUTI) long-term issuer rating to Aa3 from Aa2. The rating outlook is stable.

This rating action concludes the rating review for possible downgrade commenced on March 19, 2010, and which was prompted by Moody's reevaluation of the appropriateness of rating the financial subsidiaries of Japanese banks at the same levels as their parent banks, even when these subsidiaries are supported by keep well letters.

RATING RATIONALE

The downgrade of MUTI's rating by one notch reflects Moody's view that the credit enhancement effect of a keep well letter is not the same as that of a guarantee.

As a result, Moody's rating of MUTI is a combination of its own unique standalone risk profile, as well as the likelihood of support from its parent bank, Mitsubishi UFJ Trust and Banking Corporation (MUTB) (rated C/Aa2).

Accordingly, MUTI's Aa3 rating incorporates the firm's stand-alone strength, which includes its limited franchise as a securities lending agent for both its parent, MUTB, and its custodian bank, Master Trust Bank of Japan, Ltd. (unrated, but 46.5% owned by MUTB); its highly liquid balance sheet; and the characteristics of its business model, which is premised on limited risk and low profitability.

The Aa3 rating also reflects Moody's view of the significant likelihood of parental support in the event of stress, given the integration of MUTI's securities lending business with and its strategic importance to MUTB's global custodian business.

The provision of the keep well agreement and commitments in it by MUTB to majority ownership and liquidity support are further significant factors underpinning Moody's assessment of the strength of that support.

However, Moody's notes that the enforceability of a keep well agreement remains untested under Japanese law and -- as a result -- Moody's does not regard it as having the same degree of certainty for support as a guarantee. Nevertheless, Moody's has uplifted substantially from the standalone rating of MUTI to reflect the high likelihood of support being provided in a stress situation.

Positive rating pressure could arise in the event of (1) an upgrade to MUTB's rating, or (2) MUTB's provision of a stronger level of credit enhancement, or 3) an improvement in MUTI's standalone credit profile.

Conversely, negative rating pressure could emerge if there is a (1) reduction in MUTI's strategic importance to MUTB, or (2) a termination of the keep well letter, or (3) a downgrade of MUTB's ratings, or 4) a decline in MUTI's standalone credit profile.

Moody's last rating action on MUTI was on March 19, 2010, when it placed its rating under review for possible downgrade.

The principal methodology used in this rating was Moody's Global Securities Industry Methodology published on September 30, 2010. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on www.moodys.co.jp.

Mitsubishi UFJ Trust International Limited, headquartered in London, is a wholly-owned subsidiary of Mitsubishi UFJ Trust and Banking Corporation. Its major business involves dealing in and lending securities.

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
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 downgrades Mitsubishi UFJ Trust International to Aa3
No Related Data.
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