...October 15, 2023 TOKYO (S&P Global Ratings) Oct. 16, 2023--S&P Global Ratings today assigned its '##+' long-term issue credit rating to a proposed issuance of perpetual subordinated additional tier 1 (AT1) notes by Mitsubishi UFJ Financial Group Inc. (MUFG; A-/Stable/--). MUFG is the nonoperating holding company of the Japan-based Mitsubishi UFJ Financial Group, which engages in a broad range of financial services in Japan and overseas. We understand the issuance will qualify as Basel III-compliant AT1 notes under Japanese regulations. The issue ratings are subject to our review of the notes' final documentation. The issue rating on the AT1 notes is five notches lower than our assessment of MUFG's group stand-alone credit profile (SACP) of 'a'. We use the group SACP as our starting point to reflect our view that extraordinary support from the government is unlikely to be available for these AT1 notes. Meanwhile, the five-notch deduction reflects the following: - One notch for contractual...
