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Rating Action:

Moody's assigns Aa3 to Central Nippon Expressway's USD bonds

Global Credit Research - 29 Aug 2013

USD 1 billion of New Debt Securities Rated

Tokyo, August 29, 2013 -- Moody's Japan K.K. has assigned its Aa3 ratings to various bonds issued by Central Nippon Expressway Company Limited (C-NEXCO). The rating outlook is stable.

The specific bond issue rated is:

• USD 1 billion, due 2018

RATINGS RATIONALE

The rating Aa3 reflects C-NEXCO's strong links with the government of Japan(Aa3, stable).

We believe that the creditworthiness of C-NEXCO reflects that of the sovereign, given its importance to the development of Japan's transportation infrastructure, as well as the high level of credit support from, and the heavy involvement of, the government in its operations.

C-NEXCO is fully owned by the government. Its operations are governed by legal statutes as well as agreements with Japan Expressway Holding and Debt Repayment Agency (JEHDRA, Aa3). The Ministry of Land, Infrastructure and Transport (MLIT) is heavily involved in the development of the company's business plans, as well as the construction of expressways, collection of tolls, issuance of long-term debt, and offerings of new stock. The company must receive approval from the MLIT whenever it issues debt.

The expressway properties are owned by JEHDRA and leased to C-NEXCO. Lease payments, tolls, and restrictions on construction costs are stipulated in the agreements between the two parties in accordance with the relevant laws.

Such a framework provides C-NEXCO with a highly stable operating environment. It allows for the periodic adjustment of rents and tolls to ensure that C-NEXCO's financial profile remains sound. With a predictable level of cash flow, the company can manage its liquidity more easily throughout the year.

The principal methodology used in this rating was Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Central Nippon Expressway Company Limited was established on October 1, 2005 under the highway company law. Its headquarters is in Nagoya.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

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

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 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.

Yuka Tamba
Vice President - Senior Analyst
Sub-Sovereign Group
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

David M Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
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

Moody's assigns Aa3 to Central Nippon Expressway's USD bonds
No Related Data.

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