Fitch pushes up MUFG Union Bank

Fitch Ratings said it upgraded MUFG Union Bank, NA’s (MUB) long-term issuer default rating to AA-from A.

MUB was acquired by U.S. Bancorp (USB) and will be merged into U.S. Bank NA (USBNA), which is expected in the first half of 2023, at which point Fitch said it plans to withdraw its ratings on MUB.

MUB's ratings had been on rating watch positive before today's action. The agency removed the RWP has assigned the long-term IDR assigned a stable outlook.

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