Moody's ups UFJ Bank

Moody's Investors Service said it upgraded the bank financial strength ratings (BFSR) of UFJ Bank Ltd. and UFJ Trust Bank, Ltd. to D- from E+ and placed them on review for possible further upgrade.

Moody's added it also placed on review for possible upgrade the D- BFSRs of Bank of Tokyo-Mitsubishi Ltd. and Mitsubishi Trust and Banking Corp.

The agency said all long-term ratings of these banks, including the senior unsecured debt, deposit and other long-term ratings are affirmed and short-term ratings for these institutions are unaffected by the review.

Moody's said its equalization of BFSRs among these banks is prompted by the forthcoming merger of their holding companies, Mitsubishi Tokyo Financial Group Inc. and UFJ Holdings Inc. into Mitsubishi UFJ Financial Group, Inc. on Oct. 1 and also incorporates the merger on the same day of UFJTB and MTBC into Mitsubishi UFJ Trust and Banking Corp.

At that time, all ratings on UFJ Trust Bank will be withdrawn, the agency added.

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