Moody’s cuts five Japanese banks to A1

Moody's Japan K.K. said it downgraded the long-term deposit and debt ratings of the following five rated commercial Japanese banks to A1 from Aa3: Bank of Tokyo-Mitsubishi UFJ, Ltd.; Mitsubishi UFJ Trust and Banking Corp.; Sumitomo Mitsui Banking Corp.; Shizuoka Bank, Ltd.; and Chugoku Bank, Ltd.

The outlooks are stable.

The downgrade actions follow and are in response to Moody's downgrade of the Government of Japan's rating to A1, with a stable outlook, from Aa3.

Moody’s said the actions reflect its view that in Japan the capacity of the government to support banks is best measured by its own debt rating of A1. The effect of this rating action on the five banks is that their deposit and, where applicable, senior unsecured ratings have been lowered to the same rating as the Government of Japan’s rating.

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