Moody's rates Bank of Tokyo notes Prime-1

Moody's Japan K.K. said assigned a Prime-1 rating to the $5 billion USCP program of Bank of Tokyo-Mitsubishi UFJ, Ltd.

The bank's other ratings, including its Aa2 issuer rating, Aa2 long-term deposit rating, Aa2 senior unsecured rating, Aa3 senior subordinated debt rating, Aa3 subordinated debt rating and A1(hyb) junior subordinated debt rating, have been on review for possible downgrade since May 31.

It is the first such program established by the bank and the notes will be issued by BTMU New York Branch, the agency said. The program allows for the issuance of notes of up to 270 days of tenor.

The Prime-1 rating is based primarily on the adequate credit fundamentals of the bank as evidenced by its C bank financial strength rating, which translates into a baseline credit assessment of A3, the agency added. Also, the bank's Aa2 deposit rating incorporates the very high likelihood of systemic support in the case of stress, which reflects its importance to Japan's banking system.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.