S&P changes MUFG Bank (Europe) view

S&P said it revised its outlook on MUFG Bank (Europe) NV to positive from stable and affirmed its A/A-1 long- and short-term issuer credit ratings.

The agency said the action follows the outlook revision to positive from stable on its parent, MUFG Bank Ltd., its holding company Mitsubishi UFJ Financial Group Inc., and on Japan.

S&P said that, at the moment, it does not incorporate government support in its ratings on the companies of MUFG because the unsupported group credit profile is close to the level of its long-term sovereign rating on Japan (A+/positive/A-1).

However, the revision on Japan has increased the likelihood of S&P incorporating government support in its ratings on MUFG companies in the form of one notch of uplift from their unsupported group credit profile, the agency said.

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