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Moody's places MUFG Bank (China) deposit ratings on review for downgrade

Moody's placed the A3 long-term foreign and local currency deposit ratings of MUFG Bank (China) Ltd. on review for downgrade.

The rating agency said Sept. 4 that it also placed the bank's "a3" adjusted baseline credit assessment on review for a downgrade. Meanwhile, the bank's P-2 short-term deposit rating and "baa3" baseline credit assessment were affirmed.

The ratings action came after the rating agency placed the "a3" baseline credit assessment and adjusted baseline credit assessment of the bank's parent, MUFG Bank Ltd., on review for downgrade. The agency said MUFG Bank (China)'s long-term deposit ratings incorporate multiple notches of uplift based on its assessment of a very high level of support from its parent when needed.