S&P lowers MUFG, subsidiaries

S&P said it lowered the long-term issuer credit rating on Mitsubishi UFJ Financial Group Inc. (MUFG) to A- from A and the long-term issuer credit ratings on its major banking subsidiaries, including Bank of Tokyo-Mitsubishi UFJ Ltd., to A from A+.

The outlook is stable.

At the same time, the agency lowered the issue ratings on MUFG's senior unsecured instruments to A- from A and the issue ratings on senior unsecured instruments that BTMU and Mitsubishi UFJ Trust and Banking Corp. have issued to A from A+.

S&P also lowered the issue ratings on the preferred securities issued by MUFG's special purpose vehicle to BBB- from BBB.

The agency affirmed the short-term issuer and issue credit ratings on major banking subsidiaries at A-1.

S&P said it based the downgrade on lowering the anchor on MUFG to bbb+ from a-, reflecting a view that economic risk in the group's business portfolio has been rising.

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