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Moody's assigns ratings to MUFG Bank's New York, Los Angeles branches

Moody's Japan K.K. has assigned several ratings, including A1 long-term deposit and issuer ratings and Prime-1 short-term deposit and issuer ratings, to Tokyo-based MUFG Bank Ltd.'s New York and Los Angeles branches.

The outlook on the ratings is stable.

According to the rating agency, the A1 ratings reflect Moody's assumption that there is a "very high likelihood" that the bank will get the Japanese government's support in times of stress due to the bank's importance to the country's financial system.

Moody's also said that an upgrade is "unlikely" because the A1 rating is at the same level as the Japanese government's sovereign rating. Factors that could lead to a ratings downgrade include a downgrade of the country's sovereign rating, further decline in capitalization and a deterioration in asset quality.