Moody’s raises MUFG Americas

Moody's Investors Service said it upgraded MUFG Americas Holdings Corp.’s senior unsecured rating to A2 from A3 and subordinate shelf rating to provisional A2 from provisional A3.

The agency also upgraded MUFG Union Bank, NA’s subordinate bank note program was upgraded to provisional A2 from provisional A3. The long-term deposit rating of Aa2 and the senior unsecured rating of A2 were affirmed.

The bank's baseline credit assessment (BCA) of a2 was affirmed, and the adjusted BCA was upgraded to a1 from a2. Its long-term counterparty risk assessment was upgraded to Aa3(cr) from A1(cr).

The outlook is stable.

Moody’s said the upgrades incorporate a change in its assumption of parental support to MUFG Americas ratings. The agency noted that MUFG Americas is a 100% owned subsidiary of Mitsubishi UFJ Financial Group, Inc. (senior A1 stable) primarily through Bank of Tokyo-Mitsubishi UFJ, Ltd. (BCA a3, senior A1 stable).

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