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Fitch puts Japanese banking groups on watch
Fitch Ratings said it placed Mizuho Financial Group, Inc. (A+/F1), Sumitomo Mitsui Financial Group (A+/F1) and Mitsubishi UFJ Financial Group (A+/F1) - the three large Japanese banking groups - and some of their subsidiary banks' ratings on Rating Watch negative.
The rating actions reflect Fitch's concern about increasing downward pressure on the major bank groups' individual financial strengths as asset quality, capital quality and core business profitability continue to be negatively impacted by the macroeconomic recession to which the major banks, by their size, have a high correlation.
The agency said it will review each group's financial results and mid-term management plans, including capital raising, to see whether the groups will take substantial steps to weather ongoing challenges.
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