DBRS Initiates Coverage of BTMU Canada Branch & Withdraws Ratings on BTMU (Canada)

DBRS Ratings Limited (DBRS) has today initiated ratings coverage of The Bank of Tokyo-Mitsubishi UFJ, Ltd., Canada Branch (BTMU Canada Branch). DBRS has assigned a Long-Term Deposits & Senior Debt rating of A (high) and a Short-Term Instruments rating of R-1 (middle). The trend on all ratings is Negative, in line with the Sovereign rating. DBRS has assigned a support assessment of SA1 to BTMU Canada Branch, reflecting DBRS’s view that BTMU Canada Branch is integral to the operations of its parent. The assigned ratings are also consistent with DBRS's Support Methodology for branches in highly rated countries. As a result, the ratings are line with the parent, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU).

Concurrently, DBRS has withdrawn its ratings on Bank of Tokyo-Mitsubishi UFJ (Canada), the Canadian subsidiary of BTMU. The decision to withdraw the ratings was made following BTMU’s decision to buy ‘all or substantially all assets and liabilities’ of the subsidiary, Bank of Tokyo-Mitsubishi UFJ (Canada). The last rating action on these ratings was undertaken on February 18, 2016, when the Long-Term Deposits & Senior Debt rating was upgraded one-notch to A (high), with a Negative trend, and the Short-Term Instruments rating was upgraded one-notch to R-1 (middle), with a Negative trend. The withdrawal does not signify any change in DBRS’s view of the Bank.

Notes:
All figures are in JPY unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (December 2015). Other methodologies used include the DBRS Criteria: Support Assessment for Banks and Banking Organisations (March 2016), and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016). These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Elisabeth Rudman
Rating Committee Chair: William Schwartz
Initial Rating Date: 30 November 1982
Most Recent Rating Update: 18 February 2016

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