Fitch gives MUFG notes A-

Fitch Ratings said it gave A- ratings to Mitsubishi UFJ Financial Group, Inc.'s $600 million of three-year, $1.65 billion three-year, $1 billion six-year, $500 million of eight-year and $1.25 billion of 11-year senior unsecured notes. All the notes are callable.

“The rating on the notes is aligned with MUFG's long-term issuer default rating (IDR), despite the notes' structural subordination features. Fitch aligns MUFG's holding-company senior debt ratings and IDRs with the IDRs of its operating companies,” the agency said in a statement.

The notes will count towards MUFG's total loss-absorbing capacity requirements because they will be structurally subordinated to the subsidiaries’ senior liabilities. MUFG met the 18% minimum total external TLAC capital ratio requirement, which excludes buffers for global systemically important banks, capital conservation and countercyclical capital, as of end-December 2022.

The outlook is stable.

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