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Announcement:

Moody's assigns Aa2 rating to Central Japan Railway Company's bond

 The document has been translated in other languages

Global Credit Research - 06 Oct 2010

JPY 10 billion of debt affected

Tokyo, October 06, 2010 -- Moody's Japan K.K. (Moody's) has assigned its Aa2 rating to Central Japan Railway Company's (JR Central) bond. The rating outlook is stable.

The bond issuance is:

• JPY 10 billion Series 53, Senior Unsecured Bond due 2030.

RATING RATIONALE

The rating reflects JR Central's solid cash flow generation mainly from its Shinkansen super express train operation, the company's importance in Japan's transportation policy, the favorable regulatory environment for the railroad operation, and JR Central's substantial debt payment requirements.

JR Central's core business is the Tokaido Shinkansen services, which account for about 65% of its total consolidated sales. The Tokaido Shinkansen is the core of Japan's passenger transportation system, connecting the country's three largest economic zones. Backed by their competitive position and solid traffic demand, as well as the company's efforts to heighten service quality, these services exhibit favorable performance.

Moody's believes that the operation of the Tokaido Shinkansen is highly stable, and that its competitiveness against other forms of transportation is continuing to improve due to the company's ongoing efforts. JR Central has increased its total number of Nozomi Shinkansen trains, as well as the number of Nozomi trains directly connected to the Sanyo area. This should further secure JR Central's ability to enhance the stability of its cash flow generation.

Approximately 46% of JR Central's total debt comprises its deferred payment obligations to Japan Railway Construction, Transport and Technology Agency (JRTT, rated Aa2 by Moody's), an Independent Administrative Corporation. The debt is amortized over the long term with moderate annual payments. With its strong free cash flow, the company has promoted early repayment of the JRTT debt and has reduced it significantly, from JPY 3.48 trillion at end-March 2002 to JPY 1.48 trillion at end-March 2010. Moody's believes that such early repayment reduces future interest burdens and contributes to further profitability improvement.

The last rating action for JR Central was on April 10, 2008, when its outlook was changed to stable.

The principal methodology used in this rating was Moody's Global Passenger Railway Companies Rating Methodology published on September 30, 2010. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on www.moodys.co.jp.

Central Japan Railway Company, headquartered in Nagoya, is a railroad operator, with its main franchise comprising the Tokaido Shinkansen, and conventional lines in the Tokai area.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's information.

Moody's considers the quality of information available on the issuer or obligations satisfactory for the purposes of assigning a credit rating.

Moody's adopts all necessary measures to ensure 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 parties, as well as information received from issuers or independent third parties, audited financial statements, and the analysis by the lead analyst. 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, such as liquidity risk or market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, nor are they 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. 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.

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.

Please see ratings tab on the issuer/entity page on Moodys.com 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 our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category, and the definition of default and recovery.

Tokyo
Kazusada Hirose
VP - Senior Credit Officer
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Shinsuke Tanimoto
Senior Vice President - Team Leader
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan

Moody's assigns Aa2 rating to Central Japan Railway Company's bond
No Related Data.
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