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S&P raises MUFG Union Bank
S&P said it raised its ratings on MUFG Union Bank NA and its $700 million of notes due Dec. 9 to AA- from A and removed them from CreditWatch where they were placed with positive implications on Sept. 23, 2021.
“On Dec. 1, 2022, U.S. Bancorp (USB) closed its acquisition of MUFG Union Bank. We view MUFG Union Bank as core to USB's operations, thus supporting the equalization of the ratings with those on USB's other operating subsidiaries, including lead bank U.S. Bank. USB expects to maintain MUFG Union Bank as a separate operating subsidiary with its existing legal name until it is merged into U.S. Bank,” S&P said in a press release.
The agency said it assigned MUFG a negative outlook, which reflects the outlook on USB.
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