S&P rates Bank of Tokyo-Mitsubishi (Eurasia) BBB

Standard & Poor's said it assigned the BBB long-term and A-2 short-term counterparty credit ratings to ZAO Bank of Tokyo-Mitsubishi UFJ (Eurasia).

The outlook is stable.

The agency also said it assigned to the bank an ruAAA Russia national scale rating.

The ratings reflect a view of the bank as a highly strategic subsidiary of its parent, Bank of Tokyo-Mitsubishi UFJ Ltd., S&P said.

While the agency said it generally rates a highly strategic subsidiary one notch below its parent, S&P capped the bank's ratings at the level of the sovereign foreign-currency ratings and transfer and convertibility assessment on Russia because the bank is directly exposed to the local economic conditions.

The stable outlook on the bank mirrors that on the Russian Federation, the agency said.

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