Following a review of Mitsubishi UFJ Financial Group (MUFG) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our ratings on MUFG at 'A' and also affirmed our ratings on its operating subsidiary banks at 'A+', as well as its subsidiary holding company at 'A'. The outlook on MUFG and its banking as well as holding company subsidiaries is stable. Our ratings on MUFG reflect its 'a-' anchor stand-alone credit profile, strong business position, adequate capital and earnings, adequate risk position, and above average funding and strong liquidity. In our view, MUFG's stand-alone credit profile is likely to remain stable in the next two years. As previously announced on Nov. 29, 2011, Standard&
