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Stock impact report

S&P revises down credit rating outlook for Japan's megabanks [Reuters]

Mitsubishi UFJ Financial Group, Inc. (MUFG) 
Company Research Source: Reuters
S&P revises down credit rating outlook for Japan's megabanks TOKYO (Reuters) - S&P Global Ratings on Friday revised to stable from positive its credit rating outlook for Japan’s three major banking groups, as the economic strain from the coronavirus pandemic pushes up credit costs and threatens to erode their revenues. “We revised the outlooks because we expect the economic strain stemming from the COVID-19 pandemic to put prolonged pressure on the asset quality and revenue of the banking groups,” S&P said in a statement. The revisions affect the ratings on core subsidiaries of Japan’s three major banking groups and their holding companies, which are Mitsubishi UFJ Financial Group ( 8306.T ), Sumitomo Mitsui Financial Group ( 8316.T ) and Mizuho Financial Group ( 8411.T ), the rating agency said. “Creditworthiness of the three banking groups has come under pressure as credit costs rise, unrealized gains on marketable securities fluctuate, and impairment risk grows,” it said. Und Show less Read more
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