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Moody's changes U.S. Bancorp view to negative
Moody's Investors Service said it affirmed the long- and short-term ratings of U.S. Bancorp (long-term senior unsecured debt A2) as well as the ratings and assessments, including the a1 stand-alone baseline credit assessment of its banking subsidiary, U.S. Bank NA (long-term deposits Aa2). The outlook was changed to negative from stable.
In the same action, Moody's said it placed on review for upgrade all long-term ratings and assessments of MUFG Union Bank, NA (long-term senior unsecured A2), including the a3 stand-alone BCA. MUFG Union Bank, NA is the bank subsidiary of MUFG Americas Holdings Corp. (MUAH), which is the U.S. intermediate holding company for Mitsubishi UFJ Financial Group. The A3 long-term senior unsecured rating of MUAH was placed on review for downgrade.
The rating action follows the announcement that U.S. Bancorp will acquire the regional banking franchise of MUFG Union Bank in a cash and stock transaction, subject to regulatory approvals. The bank expects the transaction to close in the first half of 2022.
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