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Rating Action:

Moody's affirms Mizuho Financial Group's A1 ratings with stable outlook

 The document has been translated in other languages

12 Oct 2021

Tokyo, October 12, 2021 -- Moody's Japan K.K. has affirmed the A1 long-term senior unsecured debt ratings of Mizuho Financial Group, Inc. (Mizuho). Moody's also affirmed the A1 long-term deposit ratings of Mizuho's core operating banking subsidiaries Mizuho Bank, Ltd. (MHBK), and Mizuho Trust & Banking Co., Ltd. (MHTB), and their baa1 Baseline Credit Assessment (BCA). The two banks are collectively referred to as the Mizuho banks.

The outlook on the ratings remains stable.

A list of all affected ratings can be found at the end of this press release.

RATINGS RATIONALE

The rating affirmation with a stable outlook reflects Moody's expectation that Mizuho is likely to maintain its net income/tangible assets ratio at around 0.2% while maintaining low asset risk, modest capital, and strong liquidity over the next 12-18 months.

Mizuho's profitability, as measured by its net income/tangible assets, improved to 0.29% in the fiscal year ending March 2021 (fiscal 2020) from 0.05% in fiscal 2018, due mainly to cost reductions and a reduction in low-margin assets. Continued progress in these areas will result in Mizuho maintaining the ratio at around 0.2% over the next 12-18 months.

Mizuho's low asset risk is supported by its well-diversified loan portfolio, as well as its focus on blue chip companies overseas. As of the end of March 2021, 66% of Mizuho's overseas loans were to non-Japanese clients, and the problem loan ratio of the Mizuho banks' overseas loans was 0.29% (MHBK+MHTB on a non-consolidated basis), substantially lower than its domestic problem loan ratio of 1.10% (MHBK+MHTB on a non-consolidated basis). While Mizuho's credit risk is one of the lowest among rated Japanese banks, Mizuho has relatively high operational risk, as highlighted by a series of system problems in 2021.

Mizuho's tangible common equity (TCE)/risk-weighted assets (RWA) or TCE ratio will remain stable at 10% or above on a sustained basis, as Mizuho accumulates retained earnings, while controlling growth in RWAs. Mizuho's TCE ratio declined to 10.21% as of the end of March 2021 from 11.28% as of the end of March 2019, due mainly to an increase in loans in response to the coronavirus pandemic.

The A1 ratings of Mizuho and the Mizuho banks incorporate a three-notch uplift from the Mizuho banks' baa1 BCA, reflecting Moody's assumption of a very high likelihood of support from the Government of Japan (A1 stable) for Mizuho in times of need. Moody's support assumption reflects the group's importance to Japan's financial system as one of the country's top three financial groups by total assets. Japan's Deposit Insurance Act specifically allows for the government to provide preemptive liquidity and capital injection to solvent financial institutions to maintain the stability of the Japanese financial system.

Moody's assigned the same BCA and long-term ratings to the two Mizuho banks because they are closely interconnected and under the management of Mizuho, as well as have centralized capital management at the holding-company level. As of the end of March 2021, the Mizuho banks collectively accounted for 94% of Mizuho's consolidated assets.

Governance risks are largely internal rather than externally driven, and for Mizuho, Moody's has considered the governance risk associated with a series of system problems starting in February 28, 2021. Given the limited financial impact, it will not lead to a significant deterioration in Mizuho's credit quality. However, it highlights Mizuho's control and operational risk issues, a credit negative.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A rating upgrade for Mizuho and the Mizuho banks is unlikely because they are already at par with Japan's sovereign rating.

Upward pressure on the Mizuho banks' BCA is also unlikely, unless there is a material change in Japan's operating environment that is conducive to higher profitability and which results in stronger capital generation.

The ratings of Mizuho and the Mizuho banks could be downgraded if: (1) Mizuho's consolidated net income/tangible assets ratio sustainably falls below 0.125%; (2) Mizuho's consolidated TCE ratio sustainably falls below 10%; (3) Mizuho's overall risk profile significantly increasing because of acquisitions, overseas expansions, or changes in general risk appetite; or (4) Japan's sovereign rating is downgraded.

Mizuho's ratings could be downgraded because of a reduction in the government support assumptions that Moody's incorporates in the senior unsecured and subordinated instruments, where there is a probability that support will flow to particular debt class(es) rather than the banking entity that includes the bank holding company increases.

The principal methodology used in these ratings was Banks Methodology (Japanese) published in July 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1269895. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Mizuho Financial Group, Inc., headquartered in Tokyo, is one of the largest financial groups in Japan. As of the end of June 2021, its consolidated total assets totaled JPY227 trillion.

Mizuho Bank, Ltd., headquartered in Tokyo, is one of Japan's largest banks.

Mizuho Trust & Banking Co., Ltd., headquartered in Tokyo, is a major trust bank in Japan.

List of affected ratings and inputs to ratings:

Mizuho Financial Group, Inc.

- Senior Unsecured Debt (foreign currency): affirmed at A1, outlook stable

- Subordinate Debt (foreign currency): affirmed at A2(hyb)

- Senior Unsecured Shelf (foreign currency): affirmed at (P)A1

- Subordinate Shelf (foreign currency): affirmed at (P)A2

- Senior Unsecured Medium Term Note Program (foreign currency): affirmed at (P)A1

- Subordinate Medium Term Note Program (foreign currency): affirmed at (P)A2

- Short-term Issuer Rating (domestic and foreign currency): affirmed at P-1

- Outlook remains stable

Mizuho Bank, Ltd.

- Baseline Credit Assessment (BCA): affirmed at baa1

- Adjusted BCA: affirmed at baa1

- Long-term Counterparty Risk Assessment: affirmed at A1(cr)

- Short-term Counterparty Risk Assessment: affirmed at P-1(cr)

- Long-term Counterparty Risk Rating (domestic and foreign currency): affirmed at A1

- Short-term Counterparty Risk Rating (domestic and foreign currency): affirmed at P-1

- Long-term Bank Deposit Rating (domestic and foreign currency): affirmed at A1, outlook stable

- Short-term Bank Deposit Rating (domestic and foreign currency): affirmed at P-1

- Long-term Issuer Rating: affirmed at A1, outlook stable

- Senior Unsecured Debt (domestic and foreign currency): affirmed at A1, outlook stable

- Backed Senior Unsecured Debt (foreign currency): affirmed at A1, outlook stable

- Senior Subordinate Debt (domestic currency): affirmed at A2 *assumed Mizuho Bank, Ltd. (Old)

- Senior Unsecured Medium Term Note Program (foreign currency): affirmed at (P)A1

- Subordinate Medium Term Note Program rating (domestic currency): affirmed at (P)A2

- Junior Subordinate Medium Term Note Program rating (domestic currency): affirmed at (P)A3

- Outlook remains stable

Mizuho Trust & Banking Co., Ltd.

- Baseline Credit Assessment (BCA): affirmed at baa1

- Adjusted BCA: affirmed at baa1

- Long-term Counterparty Risk Assessment: affirmed at A1(cr)

- Short-term Counterparty Risk Assessment: affirmed at P-1(cr)

- Long-term Counterparty Risk Rating (domestic and foreign currency): affirmed at A1

- Short-term Counterparty Risk Rating (domestic and foreign currency): affirmed at P-1

- Long-term Bank Deposit Rating (domestic and foreign currency): affirmed at A1, outlook stable

- Short-term Bank Deposit Rating (domestic and foreign currency): affirmed at P-1

- Outlook remains stable

Mizuho Bank, Ltd., Cayman Branch

- Short-term Counterparty Risk Assessment: affirmed at P-1(cr)

- Short-term Counterparty Risk Rating (domestic and foreign currency): affirmed at P-1

- Backed Short-term Bank Deposit Rating: affirmed at P-1

Mizuho Bank, Ltd., Hong Kong Branch

- Long-term Counterparty Risk Assessment: affirmed at A1(cr)

- Short-term Counterparty Risk Assessment: affirmed at P-1(cr)

- Long-term Counterparty Risk Rating (domestic and foreign currency): affirmed at A1

- Short-term Counterparty Risk Rating (domestic and foreign currency): affirmed at P-1

- Outlook remains stable

Mizuho Bank, Ltd., New York Branch

- Short-term Counterparty Risk Assessment: affirmed at P-1(cr)

- Short-term Counterparty Risk Rating (domestic and foreign currency): affirmed at P-1

- Commercial Paper (domestic currency): affirmed at P-1

Mizuho Bank, Ltd., Paris Branch

- Long-term Counterparty Risk Assessment: affirmed at A1(cr)

- Short-term Counterparty Risk Assessment: affirmed at P-1(cr)

- Long-term Counterparty Risk Rating (domestic and foreign currency): affirmed at A1

- Short-term Counterparty Risk Rating (domestic and foreign currency): affirmed at P-1

- Long-term Bank Deposit Rating (foreign currency): affirmed at A1, outlook stable

- Short-term Bank Deposit Rating (foreign currency): affirmed at P-1

- Outlook remains stable

Mizuho Bank, Ltd., Singapore Branch

- Short-term Counterparty Risk Assessment: affirmed at P-1(cr)

- Short-term Counterparty Risk Rating (domestic and foreign currency): affirmed at P-1

- Commercial Paper (foreign currency): affirmed at P-1

Mizuho Bank, Ltd., Sydney Branch

- Long-Term Counterparty Risk Assessment: affirmed at A1(cr)

- Short-term Counterparty Risk Assessment: affirmed at P-1(cr)

- Long-term Counterparty Risk Rating (domestic and foreign currency): affirmed at A1

- Short-term Counterparty Risk Rating (domestic and foreign currency): affirmed at P-1

- Long-term Deposit Note/CD Program (domestic currency): affirmed at (P)A1

- Long-term Certificates of Deposit Note (domestic currency): affirmed at A1, outlook stable

- Senior unsecured Medium Term Note Program (foreign currency): affirmed at (P)A1

- Other Short-term (foreign currency): affirmed at (P)P-1

- Outlook remains stable

Mizuho Bank Europe N.V.

- Backed Senior Unsecured Medium Term Note Program (foreign currency): affirmed at (P)A1

- Backed Other Short-term (foreign currency): affirmed at (P)P-1

- Outlook remains stable

Mizuho Finance (Cayman) Limited

- Backed Subordinate Medium Term Note Program (foreign currency): affirmed at (P)A2

- Backed Junior Subordinate Medium Term Note Program (foreign currency): affirmed at (P)A3

- Backed Junior Subordinate Debt (foreign currency): affirmed at A3(hyb)

Mizuho Financial Group (Cayman) 2 Limited

- Backed Senior Subordinate Debt (foreign currency): affirmed at A2

Mizuho International plc

- Long-term Issuer Rating (domestic and foreign currency): affirmed at A1, outlook stable

- Short-term Issuer Rating (domestic and foreign currency): affirmed at P-1

- Backed Senior Unsecured Medium Term Note Program (foreign currency): affirmed at (P)A1

- Backed Other Short-term (foreign currency): affirmed at (P)P-1

- Backed Senior Unsecured Debt (domestic currency): affirmed at A1, outlook stable

- Outlook remains stable

Mizuho Securities USA LLC

- Long-term Issuer Rating (domestic and foreign currency): affirmed at A1, outlook stable

- Short-term Issuer Rating (domestic and foreign currency): affirmed at P-1

- Backed Senior Unsecured Medium Term Note Program (domestic currency): affirmed at (P)A1

- Backed Other Short-term (domestic currency): affirmed at (P)P-1

- Backed Other Short-term (domestic currency): affirmed at P-1

- Backed Senior Unsecured Debt (domestic currency): affirmed at A1, outlook stable

- Outlook remains stable

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288435.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Tetsuya Yamamoto
VP - Senior Credit Officer
Financial Institutions Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100

No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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