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Moody's lifts MUFG Union Bank
Moody's Investors Service said it upgraded most of the ratings and assessments of MUFG Union Bank, NA. The subordinated bank note program rating of (P)A2 was confirmed. The outlook on MUFG Union Bank is negative.
“The rating actions follow the closing of U.S. Bancorp's (USB, A2 senior, negative) acquisition of the regional banking franchise of MUFG Union Bank, NA,” the agency said in a press release.
“The upgraded ratings and assessments as well as outlooks match those of U.S. Bank National Association, the main banking subsidiary of USB. Moody's said that as a commonly controlled Federal Deposit Insurance Corporation (FDIC)-insured depository institution, it considers MUFG Union Bank's credit profile to be aligned with USB's FDIC-insured US bank and accordingly, it has the same ratings profile,” the agency said.
The rating action concluded the review for upgrade on these ratings started on Sept. 21, 2021, Moody’s said.
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