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Moody’s upgrades rating for Japanese mega banks to Aa2

5, 18. 2007

The rating company Moody’s Investors Service announced on May 4, 2007 that it upgraded the long-term credit rating for The Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Mizuho Corporate Bank and Mitsui Sumitomo Banking Corporation from the fifth rank of A1 to the third rank of Aa2. This means that the banks returned to the double-A-class rank in the rating for the first time in about 10 years. Ratings were upgraded also for some regional banks, including Shizuoka Bank in Shizuoka Prefecture and Chugoku Bank in Okayama Prefecture. The movement reflected the improved financial condition of Japanese banks.

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