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Rating Action:

Moody's places long-term ratings of five Japanese banking groups on review

 The document has been translated in other languages

18 Mar 2015

Tokyo, March 18, 2015 -- Moody's Japan K.K. has today announced rating actions on five Japanese banking groups, following the March 16, 2015 publication of its updated bank rating methodology.

Moody's has placed on review (1) two long-term and short-term deposit ratings for upgrade; (2) preference stock ratings of three banking groups for upgrade; and (3) four adjusted baseline credit assessments (BCAs) for downgrade.

Listed below are all of the affected entities' ratings and BCAs.

Daishi Bank, Ltd. (The) (Lead analyst: Shunsaku Sato)

- Long-term bank deposit rating (foreign and domestic currency): A3 placed under review for upgrade

- Short-term bank deposit rating (foreign and domestic currency): P-2 placed under review for upgrade

- BCA: baa2 placed under review for upgrade

- Adjusted BCA: baa2 placed under review for upgrade

San-in Godo Bank, Ltd. (Lead analyst: Shunsaku Sato)

- Long-term bank deposit rating (foreign and domestic currency): A3 placed under review for upgrade

- Short-term bank deposit rating (foreign and domestic currency): P-2 placed under review for upgrade

- BCA: baa2 placed under review for upgrade

- Adjusted BCA: baa2 placed under review for upgrade

MUFG Capital Finance 1 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

MUFG Capital Finance 2 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

MUFG Capital Finance 4 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

MUFG Capital Finance 5 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

MUFG Capital Finance 6 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

MUFG Capital Finance 7 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

MUFG Capital Finance 8 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

SMFG Preferred Capital GBP 1 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

SMFG Preferred Capital GBP 2 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

SMFG Preferred Capital JPY 1 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

SMFG Preferred Capital JPY 2 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

SMFG Preferred Capital USD 1 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

SMFG Preferred Capital USD 3 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Ba1 (hyb) placed under review for upgrade

Mizuho Capital Investment (USD) 1 Limited (Lead analyst: Shunsaku Sato)

- Pref. Stock Non-cumulative rating (foreign currency): Ba2 (hyb) placed under review for upgrade

Mizuho Capital Investment (JPY) 5 Limited (Lead analyst: Shunsaku Sato)

- Pref. Stock Non-cumulative rating (foreign currency): Ba2 (hyb) placed under review for upgrade

Mitsubishi UFJ Trust and Banking Corporation (Lead analyst: Raymond Mark Spencer)

- Long-term bank deposit rating (foreign and domestic currency): Affirmed A1

- Senior unsecured debt rating (foreign currency): Affirmed A1

- Short-term bank deposit rating (foreign and domestic currency): P-1 unaffected

- BCA: a3 unaffected

- Adjusted BCA: a1 placed under review for downgrade

Trust & Custody Services Bank, Ltd. (Lead analyst: Shunsaku Sato)

- Long-term bank deposit rating (foreign and domestic currency): Affirmed A1

- Short-term bank deposit rating (foreign and domestic currency): P-1 unaffected

- BCA: a3 unaffected

- Adjusted BCA: a1 placed under review for downgrade

Saitama Resona Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Long-term bank deposit rating (foreign and domestic currency): Affirmed A2

- Subordinate MTN (domestic): Affirmed (P)A3

- Junior subordinate MTN (domestic): Affirmed (P)Baa1

- Short-term bank deposit rating (foreign and domestic currency): P-1 unaffected

- BCA: baa2 unaffected

- Adjusted BCA: a2 placed under review for downgrade

Kinki Osaka Bank, Ltd. (The) (Lead analyst: Tetsuya Yamamoto)

- Long-term bank deposit rating (foreign and domestic currency): Affirmed A2

- Short-term bank deposit rating (foreign and domestic currency): P-1 unaffected

- BCA: baa2 unaffected

- Adjusted BCA: a2 placed under review for downgrade

A full list with additional information can be found here:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179861

Moody's has also withdrawn all of its bank financial strength ratings (BFSRs) for business reasons, a list of which is available here:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179860

These actions follow the March 16, 2015 release by Moody's of its updated bank rating methodology, which incorporates several new elements designed to help more accurately predict bank failures and better determine how each creditor class is likely to be treated when a bank fails and enters resolution. Key changes include the addition of a Macro Profile, a new Financial Profile, and a Loss Given Failure (LGF) analysis. The first two elements primarily affect the positioning of a bank's BCA, while the last can lead, through assessment of subordination levels and expected treatment by resolution authorities, to changes in long-term issuer, deposit and debt ratings. Please refer to the release titled "Moody's publishes its new bank rating methodology," 16 March 2015 at (http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320662).

The updated rating methodology will be the primary methodology for all bank ratings, including ratings that have not been placed on review. Moody's rates 26 Japanese banking groups, 21 of which are unaffected by the publication of the methodology.

RATINGS RATIONALE

The reviews will focus on:

-- Banks with all ratings on review:

The new Financial Profile takes as its starting point five solvency- and liquidity-related financial ratios which Moody's considers predictive of bank failure (asset risk, capital, profitability, funding structure and liquid resources). In addition, the new Financial Profile incorporates a broader range of supplementary ratios, forward-looking expectations and other relevant qualitative considerations. Joining these as a new input into the determination of BCAs is the Macro Profile, which explicitly captures banking system-wide pressures that have been shown to be predictive of the propensity of banks to fail. The review will focus on the determination of the BCA, which is the primary input in determining the final ratings.

-- Ratings of preference shares on review

The ratings on the preferred securities issued by special purpose companies of Japanese bank holding companies have been placed on review for upgrade owing to a lower notching differential versus the BCA under the LGF analysis.

-- Banks with Adjusted BCA on review

An Adjusted BCA is determined by an assessment of support from affiliates, layered onto the BCA. We integrate affiliate support into our rating as a function of the following four factors:

The bank's unsupported probability of failure (its BCA); the probability of the affiliate's providing support; the affiliate's capacity to provide support; and the dependence, or correlation, between the respective entities. The review will focus on these factors to determine the appropriate level of affiliate support.

SCOPE OF THE REVIEW

Whenever credit rating methodologies are revised, the updated methodology is applied to all relevant credit ratings and, accordingly, the ratings of those banks that are likely to be affected are placed on review. Moody's expects to conclude the majority of its reviews before the end of June 2015. During the review period, Moody's will assess the impact of the new methodology on rated instruments and will focus on the following in particular:

(1) BCA analysis, which will incorporate FYE3/2015 full year data, if available, and entail further assessment of fundamental credit trends in the context of the new scorecard

(2) Adjusted BCA analysis, which will entail assessment of the appropriate balance between affiliate and government support

(3) LGF analysis, which will incorporate FYE3/2015 full year data, if available, and further analysis of the notching differential versus the adjusted BCA

LIST OF AFFECTED CREDIT RATINGS

Moody's has withdrawn its bank financial strength ratings for business reasons. The long-term bank rating affirmations are typically the result of a change in the standalone assessment or affiliate support assumption, that is counterbalanced by other components of the new rating framework, such as government support.

The updated rating methodology will be the primary methodology for all bank ratings.

Below is the link to access the "From-To-List," which includes the full list of affected ratings. The database also provides guidance on likely outcomes for the deposit and senior unsecured debt ratings.

A list of the bank financial strength ratings that have been withdrawn has also been published. All of these lists are an integral part of this press release and identify each affected issuer.

- Overall From-To-List:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179861

- List of withdrawn BFSRs:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179860

RELATED RESEARCH REFERENCES

For further detail please refer to:

- Press Release: "Moody's publishes its new bank rating methodology," 16 March 2015

http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320662

- Bank Rating Methodology: Rating Methodology: Banks -- March 2015

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_179038

Please see the credit opinions on specific issuers on moodys.com for the more detailed implications of the issuer rating actions.

The principal methodology used in these ratings was Banks (Japanese) published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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.

Tetsuya Yamamoto
Vice President - Senior Analyst
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

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: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Moody's places long-term ratings of five Japanese banking groups on review
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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