Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) is the core commercial banking unit of Mitsubishi UFJ Financial Group Inc. (MUFG; A/Stable/--), Japan's largest banking group with ¥187 trillion in gross assets at the end of fiscal 2006 (ended March 31, 2007). The ratings on BTMU reflect its stand-alone financial position and MUFG's consolidated financial profile and market position. The ratings are attributed to BTMU's close business links with affiliated group companies and MUFG's control of the group's organizational structure and capital allocation. BTMU's assets were primarily comprised of loans (49% of gross assets on a consolidated basis) and securities (26%), with the remaining 25% consisting mostly of highly liquid assets such as cash, deposits, and repurchase agreements at the end of
