Tokyo, August 24, 2011 -- Delete Resona Bank, Ltd., Saitama Resona Bank,
Ltd. and The Kinki Osaka Bank, Ltd.'s short-term
debt ratings from the list of the affected ratings. Revised release
follows.
Moody's Japan K.K. today downgraded the ratings of most
rated Japanese banks, including Bank of Tokyo-Mitsubishi
UFJ, Ltd., and Sumitomo Mitsui Banking Corporation.
The average downgrade is one notch.
Moody's also confirmed the ratings of a small number of predominantly
regional banks.
At the same time, the ratings of the subsidiary banks of Mizuho
Financial Group Inc., including Mizuho Corporate Bank,
Ltd. and Mizuho Bank, Ltd., were downgraded
to A1 from Aa3 and remain on review for further downgrade. (See
below for a complete list of the affected banks and rating actions.)
The downgrade actions follow and are in response to Moody's downgrade
of the Japanese Government Bond (JGB) rating to Aa3 with a stable outlook
from Aa2.
These actions conclude the rating review for downgrade of the affected
banks initiated on May 31, 2011.
RATINGS RATIONALE
The rating downgrades primarily reflect the combined impact of the change
in the rating of the Government of Japan -- as a supporting
entity -- and Moody's reduced assumptions for government support
to the banking system in a stress scenario.
Specifically, the rating actions reflect 1) our concern that,
notwithstanding continued strong government willingness to support the
banking system, there is an increasing risk that the government's
capacity to provide support to banks in a future crisis has diminished;
and 2) our assumption that under conditions of extreme stress, the
authorities will become increasingly selective in their distribution of
support, with a bias in favor of the most systemically important
banks.
As a result of the government's downgrade and our reduced assumptions
of support, we downgraded a number of banks, including Bank
of Tokyo-Mitsubishi UFJ, Ltd., and Sumitomo
Mitsui Banking Corporation.
The ratings of Mizuho Financial Group Inc's bank subsidiaries remain
on review for downgrade. The change in the support assumption should
result in a further downgrade of Mizuho's ratings, but the
review will also consider whether improvements in Mizuho's own standalone
credit are a mitigating factor. Accordingly, Moody's
considers that the ratings could be confirmed at current levels.
A small number of regional banks had their ratings confirmed as their
standalone credit insulates them from our reduced government support assumptions.
The negative outlooks of Shinkin Central Bank and Shinsei Bank,
Limited. reflect the fact that their standalone credit is under
pressure.
A full explanation of these rating actions can be found in special comment
"Japanese Bank Ratings Increasingly Constrained by the Government's
Rating" released today.
Full details of the rating actions are as follows :
(1) Downgraded by one notch the long-term deposit and debt ratings
of the following banks:
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mitsubishi UFJ Trust and Banking Corporation
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Mizuho Corporate Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Trust & Custody Services Bank, Ltd.
The Norinchukin Bank
Shinkin Central Bank
Sumitomo Trust and Banking Co. Ltd.
Chuo Mitsui Trust & Banking Co., Ltd.
Chuo Mitsui Asset Trust and Banking Co, Ltd.
Japan Trustee Services Bank, Ltd.
Resona Bank, Ltd.
Saitama Resona Bank, Ltd.
Kinki Osaka Bank, Ltd.
Aozora Bank, Ltd.
Shinsei Bank, Limited.
The Joyo Bank, Ltd.
The Gunma Bank, Ltd.
The Hyakujushi Bank, Ltd.
The Daishi Bank, Ltd.
The San-in Godo Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Hiroshima Bank, Ltd.
Suruga Bank, Ltd.
The Ogaki Kyoritsu Bank, Ltd.
(2) Downgraded by two notches the long-term deposit ratings of
the following banks:
The Kiyo Bank, Ltd.
(3) Downgraded by one notch the short-term ratings of the following
banks:
Shinsei Bank, Limited.
The Hyakujushi Bank, Ltd.
The Daishi Bank, Ltd.
The San-in Godo Bank, Ltd.
The Kiyo Bank, Ltd.
(4) Confirmed the ratings of the following banks:
The Shizuoka Bank, Ltd.
The Chugoku Bank, Ltd.
The Chiba Bank, Ltd.
The Bank of Yokohama, Ltd.
The Higo Bank, Ltd.
(5) Confirmed the short-term ratings of the following banks:
Resona Bank, Ltd.
Saitama Resona Bank, Ltd.
Kinki Osaka Bank, Ltd.
Chuo Mitsui Trust & Banking Co., Ltd.
Chuo Mitsui Asset Trust and Banking Co, Ltd.
Aozora Bank, Ltd.
The Joyo Bank, Ltd.
The Gunma Bank, Ltd.
(6) Assigned negative rating outlook for the ratings of the following
banks:
Shinkin Central Bank
Shinsei Bank, Limited.
(7) Continued review for downgrade of the following banks' ratings:
Mizuho Financial Group, Inc.
Mizuho Bank, Ltd.
Mizuho Corporate Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
Trust & Custody Services Bank, Ltd.
(8) Placed on review for upgrade of the following banks' standalone
bank financial strength ratings
Mizuho Bank, Ltd.
Mizuho Corporate Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
(9) Placed on review for upgrade of the ratings of preferred securities
issued by the following subsidiaries of Mizuho Financial Group,
Inc.
Mizuho Capital Investment (USD) 1 Limited
Mizuho Capital Investment (USD) 2 Limited
Mizuho Capital Investment (JPY) 5 Limited
Mizuho Capital Investment (JPY) 6 Limited
Mizuho Capital Investment (JPY) 7 Limited
The principal methodologies used in this rating were Moody's Bank Financial
Strength Ratings: Global Methodology and Incorporation of Joint-Default
Analysis into Moody's Bank Ratings: A Refined Methodology published
on September 30, 2010, and available on www.moodys.co.jp.
List of the affected ratings are as follow (includes prospective ratings
on shelf registrations/programs where applicable).
Confirmed the rating
Resona Bank, Ltd. (Lead analyst: Yasuhiro Matsumoto)
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
Saitama Resona Bank, Ltd. (Lead analyst: Yasuhiro Matsumoto)
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
The Kinki Osaka Bank, Ltd. (Lead analyst: Yasuhiro
Matsumoto)
Short-term bank deposit rating (domestic and foreign currency)
: Prime-1
The Chuo Mitsui Trust and Banking Company, Limited (Lead analyst:
Yasuhiro Matsumoto)
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
Chuo Mitsui Asset Trust and Banking Company, Limited (Lead analyst:
Yasuhiro Matsumoto)
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
Aozora Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Short-term bank deposit rating (domestic and foreign currency):
Prime-2
The Shizuoka Bank, Ltd. (Lead analyst: Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
Aa3
Long-term issuer rating: Aa3
Senior unsecured debt rating (domestic currency): Aa3
Senior unsecured shelf registration rating (domestic currency):
(P)Aa3
The Chugoku Bank, Ltd. (Lead analyst: Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
Aa3
Long-term issuer rating: Aa3
The Chiba Bank, Ltd. (Lead analyst: Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
A1
Long-term issuer rating: A1
Senior subordinated debt rating (domestic currency): A2
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
The Bank of Yokohama, Ltd. (Lead analyst: Yasuhiro
Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
A1
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
The Higo Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
A1
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
The Joyo Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
The Gunma Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Short-term bank deposit rating (domestic and foreign currency):
Prime-1
Downgraded the rating and assigned negative rating outlook
Shinsei Bank, Limited (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to Ba1 from Baa3
Senior unsecured debt rating (domestic currency): to Ba1 from Baa3
Senior unsecured debt Medium Term Note Program rating (foreign currency):
to (P)Ba1 from (P)Baa3
Senior subordinated debt rating (foreign currency): to Ba2 from
Ba1
Subordinated debt Medium Term Note Program rating (foreign currency):
to (P)Ba2 from (P)Ba1
Junior subordinated debt rating (foreign currency): to Ba3(hyb)
from Ba2 (hyb)
Junior subordinated debt Medium Term Note Program rating (foreign currency):
to (P)Ba3 from (P)Ba2
Short-term bank deposit rating (domestic and foreign currency):
to Not Prime from Prime-3
Other Short-term (foreign currency): to (P)Not-Prime
from (P)Prime-3
Shinkin Central Bank (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to A1 from Aa3
Downgraded
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Lead analyst:
Tetsuya Yamamoto)
Long-term bank deposit rating (domestic and foreign currency):
to Aa3 from Aa2
Long-term issuer rating: to Aa3 from Aa2
Senior unsecured debt rating (domestic and foreign currency): to
Aa3 from Aa2
Senior unsecured shelf registration rating(domestic currency): to(P)Aa3
from (P)Aa2
Senior unsecured debt Medium Term Note Program rating (foreign currency):
to (P)Aa3 from (P)Aa2
Senior subordinated debt rating (domestic currency): to A1 from
Aa3
Senior subordinated shelf registration rating (domestic currency):
to (P) A1 from (P) Aa3
Subordinated debt Medium Term Note Program rating (foreign currency):
to (P) A1 from (P) Aa3
Junior subordinated debt Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Bank of Tokyo-Mitsubishi UFJ, Ltd., Hong Kong
Branch (Lead analyst: Tetsuya Yamamoto)
Long-term Deposit Note/CD Program (foreign currency): to
(P)Aa3 from (P)Aa2
BTMU (Curacao) Holdings N.V. (Lead analyst: Tetsuya
Yamamoto)
Senior unsecured debt rating (foreign currency): to Aa3 from Aa2
Senior unsecured debt Medium Term Note Program rating (foreign currency):
to (P)Aa3 from (P)Aa2
Subordinated debt rating (foreign currency): to A1 from Aa3
Subordinated debt Medium Term Note Program rating (foreign currency):
to (P)A1 from (P)Aa3
Junior subordinated debt rating (foreign currency): to A2(hyb) from
A1(hyb)
Junior subordinated debt Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Bank of Tokyo-Mitsubishi UFJ, Ltd., Sydney Branch
(Lead analyst: Tetsuya Yamamoto)
Long-term Deposit Note/CD Program (foreign currency): to
(P)Aa3 from (P)Aa2
UFJ Finance Aruba A.E.C. (Lead analyst: Tetsuya
Yamamoto)
Subordinated debt rating (foreign currency): to A1 from Aa3
Mitsubishi UFJ Trust and Banking Corporation (Lead analyst: Tetsuya
Yamamoto)
Long-term bank deposit rating (domestic and foreign currency):
to Aa3 from Aa2
Sumitomo Mitsui Banking Corporation (Lead analyst: Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to Aa3 from Aa2
Long-term issuer rating: to Aa3 from Aa2
Senior unsecured debt rating (domestic and foreign currency): to
Aa3 from Aa2
Senior unsecured debt Medium Term Note Program rating (domestic currency):
to (P)Aa3 from (P)Aa2
Subordinated debt rating (domestic and foreign currency): to A1
from Aa3
Subordinated debt Medium Term Note Program rating (domestic currency):
to (P)A1 from (P)Aa3
Junior subordinated debt rating (domestic and foreign currency):
to A2(hyb) from A1(hyb)
Junior subordinated debt Medium Term Note Program rating (domestic currency):
to (P)A2 from (P)A1
Sumitomo Mitsui Banking Corporation, New York Branch (Lead analyst:
Yasuhiro Matsumoto)
Junior subordinated debt rating (domestic currency): to A2(hyb)
from A1(hyb)
SMBC Capital Markets, Inc. (Lead analyst: Yasuhiro
Matsumoto)
Senior unsecured debt rating (foreign currency): to Aa3 from Aa2
Senior unsecured debt Medium Term Note Program rating (domestic and foreign
currency): to (P)Aa3 from (P)Aa2
SMBC International Finance N.V. (Lead analyst: Yasuhiro
Matsumoto)
Subordinated debt Medium Term Note Program rating (foreign currency):
to (P)A1 from (P)Aa3
Junior subordinated debt Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Sumitomo Mitsui Banking Corporation Europe, Ltd. (Lead analyst:
Yasuhiro Matsumoto)
Long-term bank deposit rating (foreign currency): to Aa3
from Aa2
Resona Holdings, Inc. (Lead analyst: Yasuhiro Matsumoto)
Senior subordinated Medium Term Note Program rating (domestic currency):
to (P)Baa1 from (P)A3
Junior subordinated Medium Term Note Program rating (domestic currency):
to (P)Baa2 from (P)Baa1
Resona Bank, Ltd. (Lead analyst: Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to A2 from A1
Senior subordinated debt rating (domestic currency): to A3 from
A2
Senior subordinated Medium Term Note Program rating (domestic currency):
to (P) A3 from (P)A2
Junior subordinated debt rating (foreign currency): to Baa1(hyb)
from A3(hyb)
Junior subordinated Medium Term Note Program rating (domestic currency):
to (P)Baa1 from (P)A3
Saitama Resona Bank, Ltd. (Lead analyst: Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to A2 from A1
Senior subordinated Medium Term Note Program rating (domestic currency):
to (P)A3 from (P)A2
Junior subordinated Medium Term Note Program rating (domestic currency):
to (P)Baa1 from (P)A3
The Kinki Osaka Bank, Ltd. (Lead analyst: Yasuhiro
Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to A2 from A1
Asahi Finance (Cayman) Ltd. (Lead analyst: Yasuhiro Matsumoto)
Subordinated Medium Term Note Program rating (foreign currency):
to (P)A3 from (P)A2
Junior subordinated debt rating (foreign currency): to Baa1(hyb)
from A3(hyb)
Junior subordinated Medium Term Note Program rating (foreign currency):
to (P)Baa1 from (P)A3
The Sumitomo Trust and Banking Co., Ltd. (Lead analyst:
Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to A1 from Aa3
Senior unsecured shelf registration rating (domestic currency):
to (P)A1 from (P)Aa3
Senior subordinated debt rating (domestic currency): to A2 from
A1
Senior subordinated shelf registration rating (domestic currency):
to (P)A2 from (P)A1
Senior subordinated Medium Term Note Program rating (domestic currency):
to (P)A2 from (P)A1
Junior subordinated Medium Term Note Program rating (domestic currency):
to (P)A3 from (P)A2
Sumitomo Trust & Banking Co. (U.S.A.)
(Lead analyst: Yasuhiro Matsumoto)
Long-term issuer rating (domestic and foreign currency):
to A1 from Aa3
STB Finance Cayman Ltd. (Lead analyst: Yasuhiro Matsumoto)
Senior subordinated debt rating (foreign currency): to A2 from A1
Senior subordinated Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Junior subordinated debt rating (foreign currency): to A3(hyb) from
A2 (hyb)
Junior subordinated Medium Term Note Program rating (foreign currency):
to (P)A3 from (P)A2
The Chuo Mitsui Trust and Banking Company, Limited (Lead analyst:
Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to A2 from A1
Senior subordinated debt rating (domestic currency): to A3 from
A2
Junior subordinated debt rating (foreign currency): to Baa1(hyb)
from A3(hyb)
Chuo Mitsui Asset Trust and Banking Company, Limited (Lead analyst:
Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to A2 from A1
Japan Trustee Services Bank, Ltd. (Lead analyst: Yasuhiro
Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to A1 from Aa3
Aozora Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to Baa2 from Baa1
Senior unsecured debt rating (domestic currency): to Baa2 from Baa1
The Norinchukin Bank (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to A1 from Aa3
Long-term issuer rating: to A1 from Aa3
Senior unsecured debt rating (domestic currency): to A1 from Aa3
Norinchukin Finance (Cayman) Limited (Lead analyst: Kyosuke Kaji)
Senior subordinated debt rating (foreign currency): to A2 from A1
Senior subordinated Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
The Joyo Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to A2 from A1
Senior unsecured debt rating (domestic currency): to A2 from A1
The Gunma Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to A2 from A1
Long-term issuer rating (domestic and foreign currency):
to A2 from A1
The Hyakujushi Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to A3 from A2
Short-term bank deposit rating (domestic and foreign currency):
to Prime-2 from Prime-1
The Daishi Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to A3 from A2
Short-term bank deposit rating (domestic and foreign currency):
to Prime-2 from Prime-1
The San-in Godo Bank, Ltd. (Lead analyst: Kyosuke
Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to A3 from A2
Short-term bank deposit rating (domestic and foreign currency):
to Prime-2 from Prime-1
The Bank of Fukuoka, Ltd. (Lead analyst: Yasuhiro Matsumoto)
Long-term bank deposit rating (domestic and foreign currency):
to Baa1 from A3
Long-term issuer rating: to Baa1 from A3
The Hiroshima Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to Baa1 from A3
Suruga Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to Baa1 from A3
The Ogaki Kyoritsu Bank, Ltd. (Lead analyst: Kyosuke
Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to Baa1 from A3
The Kiyo Bank, Ltd. (Lead analyst: Kyosuke Kaji)
Long-term bank deposit rating (domestic and foreign currency):
to Baa3 from Baa1
Short-term bank deposit rating (domestic and foreign currency):
to Prime-3 from Prime-2
Placed the rating under review for possible downgrade
Mizuho Financial Group, Inc. (Lead analyst: Tetsuya
Yamamoto)
Commercial Paper (domestic currency): Prime-1
Downgraded the rating and placed under review for possible downgrade
Mizuho Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)
Long-term bank deposit rating (domestic and foreign currency):
to A1 from Aa3
Long-term issuer rating: to A1 from Aa3
Senior unsecured debt rating (domestic currency): to A1 from Aa3
Senior subordinated debt rating (domestic currency): to A2 from
A1
Senior subordinated shelf registration rating (domestic currency):
to (P)A2 from (P)A1
Senior subordinated Medium Term Note Program rating (domestic currency):
to (P)A2 from (P)A1
Junior subordinated shelf registration rating (domestic currency):
to (P)A3 from (P)A2
Junior subordinated Medium Term Note Program rating (domestic currency):
to (P)A3 from (P)A2
Mizuho Corporate Bank, Ltd. (Lead analyst: Tetsuya
Yamamoto)
Long-term bank deposit rating (domestic and foreign currency):
to A1 from Aa3
Long-term issuer rating: to A1 from Aa3
Senior unsecured debt rating (domestic currency): to A1 from Aa3
Senior unsecured shelf registration rating (domestic currency):
to (P)A1 from (P)Aa3
Senior unsecured Medium Term Note Program rating (foreign currency):
to (P)A1 from (P)Aa3
Senior subordinated debt rating (domestic currency): to A2 from
A1
Senior subordinated shelf registration rating (domestic currency):
to (P)A2 from (P)A1
Senior subordinated Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Junior subordinated shelf registration rating (domestic currency):
to (P)A3 from (P)A2
Junior subordinated Medium Term Note Program rating (foreign currency):
to (P)A3 from (P)A2
Mizuho Corporate Asia (HK) Limited (Lead analyst: Tetsuya Yamamoto)
Senior unsecured Medium Term Note Program rating (foreign currency):
to (P)A1 from (P)Aa3
Mizuho Corporate Bank Nederland N.V. (Lead analyst:
Tetsuya Yamamoto)
Senior unsecured Medium Term Note Program rating (foreign currency):
to (P)A1 from (P)Aa3
Mizuho Corporate Bank, Ltd., Hong Kong Branch (Lead
analyst: Tetsuya Yamamoto)
Long-term Deposit Note/CD Program (domestic currency): to
A1 from Aa3
Mizuho Corporate Bank, Ltd., Paris Branch (Lead analyst:
Tetsuya Yamamoto)
Long-term bank deposit rating (foreign currency): to A1 from
Aa3
Mizuho Corporate Bank, Ltd., Sydney Branch (Lead analyst:
Tetsuya Yamamoto)
Senior unsecured Medium Term Note Program rating (foreign currency):
to (P)A1 from (P)Aa3
Mizuho Finance (Aruba) A.E.C. (Lead analyst:
Tetsuya Yamamoto)
Senior subordinated Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Junior subordinated debt rating (foreign currency): to A3(hyb) from
A2(hyb)
Junior subordinated Medium Term Note Program rating (foreign currency):
to (P)A3 from (P)A2
Mizuho Finance (Cayman) Limited (Lead analyst: Tetsuya Yamamoto)
Senior subordinated Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Junior subordinated debt rating (foreign currency): to A3(hyb) from
A2(hyb)
Junior subordinated Medium Term Note Program rating (foreign currency):
to (P)A3 from (P)A2
Mizuho Finance (Curacao) N.V. (Lead analyst: Tetsuya
Yamamoto)
Senior unsecured Medium Term Note Program rating (foreign currency):
to (P)A1 from (P)Aa3
Senior subordinated debt rating (foreign currency): to A2 from A1
Senior subordinated Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Junior subordinated Medium Term Note Program rating (foreign currency):
to (P)A3 from (P)A2
Mizuho Financial Group (Cayman) Limited (Lead analyst: Tetsuya Yamamoto)
Senior subordinated debt rating (foreign currency): to A2 from A1
Senior subordinated Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Junior subordinated Medium Term Note Program rating (foreign currency):
to (P)A3 from (P)A2
Mizuho Trust & Banking Co., Ltd. (Lead analyst:
Tetsuya Yamamoto)
Long-term bank deposit rating (domestic and foreign currency):
to A1 from Aa3
Senior unsecured Medium Term Note Program rating (domestic currency):
to (P)A1 from (P)Aa3
Senior subordinated debt rating (domestic currency): to A2 from
A1
Senior subordinated shelf registration rating (domestic currency):
to (P)A2 from (P)A1
Junior subordinated shelf registration rating (domestic currency):
to (P)A3 from (P)A2
Mizuho TB (Aruba) A.E.C. (Lead analyst: Tetsuya
Yamamoto)
Senior subordinated Medium Term Note Program rating (foreign currency):
to (P)A2 from (P)A1
Trust & Custody Services Bank, Ltd. (Lead analyst:
Tetsuya Yamamoto)
Long-term bank deposit rating (domestic and foreign currency) to
A1 from Aa3
Placed under review for possible upgrade
Mizuho Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)
Bank financial strength rating: D+
Mizuho Corporate Bank, Ltd. (Lead analyst: Tetsuya
Yamamoto)
Bank financial strength rating: D+
Mizuho Trust & Banking Co., Ltd. (Lead analyst:
Tetsuya Yamamoto)
Bank financial strength rating: D+
Mizuho Capital Investment (USD) 1 Limited (Lead analyst: Tetsuya
Yamamoto)
Preferred stock non-cumulative (foreign currency): B1(hyb)
Mizuho Capital Investment (USD) 2 Limited (Lead analyst: Tetsuya
Yamamoto)
Preferred stock non-cumulative (foreign currency): B1(hyb)
Mizuho Capital Investment (JPY) 5 Limited (Lead analyst: Tetsuya
Yamamoto)
Preferred stock non-cumulative (foreign currency): B1(hyb)
Mizuho Capital Investment (JPY) 6 Limited (Lead analyst: Tetsuya
Yamamoto)
Preferred stock non-cumulative (foreign currency): (P)B1
Mizuho Capital Investment (JPY) 7 Limited (Lead analyst: Tetsuya
Yamamoto)
Preferred stock non-cumulative (foreign currency): (P)B1
REGULATORY DISCLOSURE
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
public information, confidential and proprietary Moody's information.
Measures taken to ensure the quality of this information include use of
public information, reviews by a third party and verification by
the lead analyst.
Moody's considers the quality of information available on the issuer
or obligations satisfactory for the purposes of maintaining a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Credit ratings are Moody's current opinions of the relative future credit
risk of entities, credit commitments, or debt or debt-like
securities. Moody's defines credit risk as the risk that an entity
may not meet its contractual, financial obligations as they come
due and any estimated financial loss in the event of default. Credit
ratings do not address any other risk, including but not limited
to: liquidity risk, market value risk, or price volatility.
Credit ratings do not constitute investment or financial advice,
and credit ratings are not recommendations to purchase, sell,
or hold particular securities. No warranty, express or implied,
as to the accuracy, timeliness, completeness, merchantability
or fitness for any particular purpose of any such rating or other opinion
or information is given or made by Moody's in any form or manner whatsoever.
The credit risk of an issuer or its obligations is assessed based on information
received from the issuer or from public sources. Moody's may change
the rating when it deems necessary. Moody's may also withdraw the
rating due to insufficient information, or for other reasons.
Moody's Japan K.K. is a credit rating agency registered
with the Japan Financial Services Agency and its registration number is
FSA Commissioner (Ratings) No. 2. The Financial Services
Agency has not imposed any supervisory measures on Moody's Japan K.K.
in the past year.
Please see ratings tab on the issuer/entity page on the Moody's website
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Credit Ratings were fully digitized and accurate
data may not be available. Consequently, Moody's provides
a date that it believes is the most reliable and accurate based on the
information that is available to it. Please see the ratings disclosure
page on the Moody's website for further information.
Please see the Credit Policy page on the Moody's website for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Tokyo
Kei Kitayama
Representative Director
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Hong Kong
Stephen Long
MD - Financial Institutions
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
CORRECTION TO TEXT, TODAY'S RELEASE: Moody's takes negative rating actions on most Japanese banks following sovereign downgrade
