Ratings On Japan's ACOM On Watch Positive On MUFG Plan To Raise Stake In Moneylender Sep 08
- ID: 2082781
- September 2008
- Region: Japan
- Standard & Poors
TOKYO (Standard & Poor's) Sept. 9, 2008--Standard & Poor's Ratings Services today placed its 'BBB+' long-term counterparty credit and senior unsecured debt ratings on ACOM Co. Ltd. (ACOM) on CreditWatch with positive implications, following the announcement that Mitsubishi UFJ Financial Group Inc. (MUFG; A/Stable/--) plans to make the consumer finance giant its consolidated subsidiary. The execution of the plan would naturally enhance ACOM's involvement in MUFG's overall strategy and accelerate the companies' consolidation efforts. The short-term counterparty credit rating on ACOM was affirmed at 'A-2'. At the same time, Standard & Poor's affirmed its ratings on MUFG, Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU; A+/Stable/A-1), and Mitsubishi UFJ Trust and Banking Corp. (A+/Stable/A-1). We believe the business and capital alliance would...
Companies mentioned in this report are:
- ACOM Co. Ltd.
- Mitsubishi UFJ Trust and Banking Corp.
- Mitsubishi UFJ Financial Group Inc.
- Bank of Tokyo-Mitsubishi UFJ Ltd.
Action: On CreditWatch:Positive
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