Japan-Based Mitsubishi UFJ Financial Group's Notes With TLAC Feature Assigned 'A' Ratings

TOKYO (Standard&Poor's) Feb. 24, 2016--Standard&Poor's Ratings Services today said that it has assigned its 'A' issue ratings to the U.S. dollar senior unsecured notes (see list below) issued by Mitsubishi UFJ Financial Group Inc. (MUFG; A/Negative/--), a Japan-based bank holding company. We understand that the notes will likely qualify as having total loss-absorbing capacity (TLAC) when Japanese regulations on the introduction of TLAC requirements in Japan become effective, and this is the first issuance of such senior unsecured notes by MUFG. The 'A' ratings on the notes reflect the long-term issuer credit ratings on MUFG, which are one notch lower than those on the group's core operating entities such as Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU;

...TOKYO (Standard & Poor's) Feb. 24, 2016--Standard & Poor's Ratings Services today said that it has assigned its 'A' issue ratings to the U.S. dollar senior unsecured notes (see list below) issued by Mitsubishi UFJ Financial Group Inc. (MUFG; A/Negative/--), a Japan-based bank holding company. We understand that the notes will likely qualify as having total loss-absorbing capacity (TLAC) when Japanese regulations on the introduction of TLAC requirements in Japan become effective, and this is the first issuance of such senior unsecured notes by MUFG. The 'A' ratings on the notes reflect the long-term issuer credit ratings on MUFG, which are one notch lower than those on the group's core operating entities such as Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU; A+/Negative/A-1). The notch difference reflects structural subordination of the holding company pursuant to our criteria. We maintain our view that our ratings on both MUFG and its operating entities should be based on the supported group...

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