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S&P upgrades Morgan Stanley MUFG Securities, 2 Japan-based units of Citigroup

S&P Global Ratings raised the ratings on Citibank Japan Ltd., Citigroup Global Markets Japan Inc. and Morgan Stanley MUFG Securities Co. Ltd. and concurrently removed the ratings from CreditWatch positive.

The rating agency said Dec. 19 that it raised by one notch to A+ its long-term counterparty credit ratings on Citibank Japan, Citigroup Global Markets Japan and Morgan Stanley MUFG Securities. In addition, the companies' short-term counterparty credit ratings were affirmed. The companies' ratings were placed on CreditWatch with positive implications on Nov. 5, 2015.

The outlooks on the entities are stable.

Morgan Stanley MUFG Securities is a unit of Morgan Stanley, while Citibank Japan and Citigroup Global Markets Japan are units of Citigroup Inc.

The ratings action on Citibank Japan and Citigroup Global Markets Japan and Morgan Stanley MUFG Securities reflect S&P's ratings actions on the major core operating subsidiaries of their respective U.S-based parent companies.

S&P might upgrade the ratings of the three Japan-based entities if their respective group credit profile is revised upward. However, the ratings will likely be constrained by S&P's sovereign ratings on Japan. Conversely, the ratings may be lowered if the companies' group credit profiles drop or if S&P believes the companies have become less vital to their respective parent companies.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.