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​​

PLEASE READ AND SCROLL DOWN!

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Rating Action:

Moody's reviews MUFG Americas Holdings Corporation for downgrade (senior A3)

01 Oct 2014

New York, October 01, 2014 -- Moody's Investors Service has placed its ratings on MUFG Americas Holdings Corporation (MUAH) and its operating subsidiary, MUFG Union Bank, N.A., on review for downgrade. The rating on MUFG Americas Holding Corporation's senior unsecured debt is A3. The bank financial strength rating is C+, which maps to a baseline credit assessment of a2. The bank's long- and short-term deposit ratings are A2/Prime-1 and its senior unsecured rating is A2. Both the bank's long- and short-term ratings are under review.

RATINGS RATIONALE

Moody's will consider the sustainability of MUAH's risk profile and capital position, which have been strong, in light of the company's possible actions to expand its operations and improve its low profitability. MUAH's risk-weighted profitability metrics have trailed its peers' by a large margin. For example, its net income to risk-weighted assets ratio was 0.8% for the first half of 2014, while its same-rated US peers reported a median of 1.3%. MUAH's underperformance is a function of its higher cost to income ratio and lower non-interest income. In addition, as is true for the rest of the sector, its net-interest margin is under pressure because of persistently low interest rates. The review will take into account whether the prospects for MUAH's profitability alone justify a downgrade.

Moody's will also consider MUAH's strategic actions, which could change the company's conservative risk profile, as its parent seeks growth in the US. Moody's expects that the vehicle for that growth will be MUAH. Acquisitions to date have been manageable in size and infrequent, but have moved MUAH beyond its traditional footprint, such as its PB Capital acquisition in 2013. Furthermore, MUAH's average loans (excluding purchased credit-impaired loans) have grown 13% over the last year, which is higher than the national average. However, this growth has been driven primarily by the bank's conservatively underwritten residential mortgages; more recently, commercial loans have also been a focus. Both of these areas are subject to intense competition, which makes new originations more vulnerable to a weakening in underwriting.

MUAH's conservative risk posture served it well through the financial crisis, during which it performed better than many of its peers. This stance, as well as its solid capital, has underpinned its high rating despite the challenges to its profitability; therefore, changes to either would undermine the bank's credit strength.

What Could Change the Rating Down

The ratings could be downgraded if Moody's determines that MUAH's low profitability relative to its same-rated peers is likely to persist through the long term or that profitability pressures could prompt the bank to take on more risk.

What Could Change the Rating Up

There is no upward rating pressure at this time, as the review for downgrade indicates. The ratings could be confirmed if Moody's concludes that MUAH's lower profitability is sufficiently offset by the bank's maintaining its lower-risk characteristics, such as its good asset quality and capital ratios, to warrant an above-average rating compared to its US banking peer group. Indications of low-risk growth would also support a ratings confirmation.

The principal methodology used in this rating was Global Banks published in July 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

On Review for Downgrade:

..Issuer: MUFG Americas Holdings Corporation

.... Issuer Rating,Placed on Review for Downgrade, currently A3

....Senior Unsecured Shelf, Placed on Review for Downgrade, currently (P)A3

....Preferred Shelf, Placed on Review for Downgrade, currently (P)Baa2

....Preferred Non-Cumulative Shelf, Placed on Review for Downgrade, currently (P)Baa3

....Subordinate Shelf, Placed on Review for Possible Downgrade, currently (P)Baa1

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3

..Issuer: MUFG Union Bank, N.A.

.... Bank Financial Strength Rating, Placed on Review for Downgrade, currently C+

.... Issuer Rating, Placed on Review for Downgrade, currently A2

.... OSO Rating, Placed on Review for Downgrade, currently P-1

.... Short Term Deposit Rating, Placed on Review for Downgrade, currently P-1

....OSO Senior Unsecured OSO Rating, Placed on Review for Downgrade, currently A2

....Subordinate Bank Note Program, Placed on Review for Downgrade, currently (P)A3

....Senior Unsecured Bank Note Program, Placed on Review for Downgrade, currently (P)A2

....Short Term Bank Note Program, Placed on Review for Downgrade, currently (P)P-1

....Subordinate Regular Bond/Debenture, Placed on Review for Downgrade, currently A3

....Senior Unsecured Commercial Paper, Placed on Review for Downgrade, currently P-1

....Senior Unsecured Regular Bond/Debenture,, Placed on Review for Downgrade, currently A2

....Senior Unsecured Deposit Rating, Placed on Review for Downgrade, currently A2

Outlook Actions:

..Issuer: MUFG Americas Holdings Corporation

....Outlook, Changed To Rating Under Review From Negative

..Issuer: MUFG Union Bank, N.A.

....Outlook, Changed To Rating Under Review From Negative

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.

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.

Rita Sahu
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Franklyn Young
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's reviews MUFG Americas Holdings Corporation for downgrade (senior A3)
No Related Data.
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