The ratings on Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU; A+/Stable/A-1) reflect its sound financial profile on a consolidated basis in addition to the consolidated financial profile and market position of its parent, Mitsubishi UFJ Financial Group Inc. (MUFG; A/Stable/--), Japan's largest banking group. 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. Furthermore, the ratings on BTMU are one notch higher than its stand-alone ratings, which do not reflect the possibility of receiving government support in an emergency situation given its important position in the Japanese financial market. BTMU's net nonperforming loan (NPL) ratio based on risk-managed assets fell to a low 0.39% (0.38% at
