Fitch affirms Bank of Tokyo, Mitsubishi UFJ Trust

Fitch Ratings said it affirmed Bank of Tokyo Mitsubishi UFJ's long-term foreign- and local-currency issuer default rating at A, short-term foreign- and local-currency issuer default rating at F1, viability rating at A-, senior unsecured debt rating at A and senior subordinated debt rating at A-.

The agency also said it affirmed Mitsubishi UFJ Trust and Banking Corp.'s long-term foreign- and local-currency issuer default ratings at A, short-term foreign- and local-currency issuer default ratings at F1, viability rating at A- and preferred securities at BBB.

Both banks are wholly-owned subsidiaries of the Mitsubishi UFJ Financial Group.

The ratings are driven by an expectation of state support, should it be required, Fitch said.

The ratings also reflect their strong liquidity position backed by a solid franchise, sound asset quality and adequate capitalization, the agency said.

Weak profitability and a reduced, but still-large domestic stock portfolio continue to constrain the ratings, Fitch said.

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