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Fitch cuts MUFG Union Bank
Fitch Ratings said it downgraded MUFG Union Bank, NA's (MUB) long-term issuer default rating to A+ from AA-. The ratings were subsequently withdrawn.
The downgrade follows the completion of the merger into U.S. Bank NA, and the June downgrade of U.S. Bancorp (USB). MUB no longer exists. The surviving entity's' name is U.S. Bank, NA.
“The ratings of the surviving entities (U.S. Bancorp and U.S. Bank NA) are not impacted by today's action,” Fitch said in a press release.
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