Fitch affirms Bank of Tokyo Mitsubishi

Fitch Ratings said it affirmed Bank of Tokyo Mitsubishi UFJ's long-term foreign- and local-currency issuer default rating at A, short-term foreign- and local-currency issuer default rating at F1, senior unsecured debt rating at A and senior subordinated debt at A-.

The agency also said it affirmed Mitsubishi UFJ Trust and Banking Corp.'s long-term foreign- and local-currency issuer default ratings at A, short-term foreign- and local-currency issuer default rating at F1.

Also affirmed were Mitsubishi UFJ Financial Group's preferred securities entities, consisting of MUFG Capital Finance 1 Ltd., MUFG Capital Finance 2 Ltd., MUFG Capital Finance 3 Ltd., MUFG Capital Finance 4 Ltd. and MUFG Capital Finance 5 Ltd., at BBB.

The outlook for the banks is stable.

The banks' have a strengthened core capitalization through a combination of external common equity raising and continued internal capital generation, Fitch said.

A reduction in its domestic stock portfolio and in overseas securitized products also is considered positive, owing to the likely reduced earnings volatility that should ensue, the agency said.

Sound asset quality, ample liquidity and a strong domestic franchise continue to underpin the ratings, Fitch added.

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