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Related Issuers
Aozora Bank, Ltd.
Bank of Fukuoka, Ltd. (The)
Bank of Yokohama, Ltd. (The)
BTMU (Curacao) Holdings N.V.
Chiba Bank, Ltd. (The)
Chugoku Bank, Limited (The)
Gunma Bank, Ltd. (The)
Higo Bank, Ltd. (The)
Hiroshima Bank, Ltd. (The)
Hyakujushi Bank, Ltd. (The)
Joyo Bank, Ltd. (The)
Kansai Urban Banking Corporation
Kinki Osaka Bank, Ltd. (The)
Minato Bank, Ltd. (The)
Mitsubishi UFJ Trust & Bank. Corp., NY Branch
Mitsubishi UFJ Trust and Banking Corporation
Mizuho Bank, Ltd.
Mizuho Bank, Ltd. (Old)
Mizuho Bank, Ltd., Cayman Branch
Mizuho Bank, Ltd., Hong Kong Branch
Mizuho Bank, Ltd., Paris Branch
Mizuho Bank, Ltd., Sydney Branch
Mizuho Capital Investment (JPY) 5 Limited
Mizuho Capital Investment (USD) 1 Limited
Mizuho Finance (Aruba) A.E.C.
Mizuho Finance (Cayman) Limited
Mizuho Financial Group (Cayman) 2 Limited
Mizuho Trust & Banking Co., Ltd.
MUFG Bank, Ltd.
MUFG Bank, Ltd., Hong Kong Branch
MUFG Bank, Ltd., New York Branch
MUFG Bank, Ltd., Sydney Branch
MUFG Capital Finance 1 Limited
MUFG Capital Finance 2 Limited
MUFG Capital Finance 4 Limited
MUFG Capital Finance 5 Limited
MUFG Capital Finance 6 Limited
MUFG Capital Finance 7 Limited
MUFG Capital Finance 8 Limited
Norinchukin Bank
Norinchukin Finance (Cayman) Limited
Ogaki Kyoritsu Bank, Ltd.
Resona Bank, Limited
Resona Preferred Glbl Securities (Cayman) Ltd
Saitama Resona Bank, Limited
Shinkin Central Bank
Shinsei Bank, Limited
Shinsei Finance (Cayman) Limited
Shinsei Finance II (Cayman) Limited
Shizuoka Bank, Ltd. (The)
SMFG Preferred Capital GBP 1 Limited
SMFG Preferred Capital GBP 2 Limited
SMFG Preferred Capital JPY 1 Limited
SMFG Preferred Capital JPY 2 Limited
SMFG Preferred Capital USD 1 Limited
SMFG Preferred Capital USD 3 Limited
STB Finance Cayman Ltd.
STB Preferred Capital 4 (Cayman) Limited
Sumitomo Mitsui Banking Corp., Brussels Br
Sumitomo Mitsui Banking Corp., Dusseldorf Br
Sumitomo Mitsui Banking Corp., Singapore Br
Sumitomo Mitsui Banking Corp., Sydney Br
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation Europe
Sumitomo Mitsui Financial Group, Inc.
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Trust Bank, Ltd., NY Branch
Suruga Bank, Ltd.
Trust & Custody Services Bank, Ltd.
Rating Action:

Moody's concludes reviews on three Japanese banks and assigns Counterparty Risk Assessments to 29 Japanese banks

 The document has been translated in other languages

29 May 2015

NOTE: On June 4, 2015,the press release was corrected as follows: 1)The following sentence was added to the second paragraph of the press release: “The rationale for the affirmation of these ratings is the continuation of their key strengths; improving loan quality; and modest but stable earnings capacity supported by a stable operating environment.” 2)The following was added in a new section titled “What Could Change The Ratings Up/Down": “Japanese banks with long-term deposits rated at the same level as Japan’s sovereign rating are unlikely to be upgraded. Other banks may be upgraded if they continue to accumulate capital without materially increasing their asset risk profile. The following factors would result in downward ratings pressure: i) a downgrade of Japan's sovereign rating; ii) a measurable deterioration in asset quality; and/or iii) a material increase in risk appetite in attempt to improve their profitability.” Revised release follows.

Tokyo, May 29, 2015 -- Moody's Japan K.K. upgraded the ratings on the preferred securities issued by the overseas special purpose companies of three banking groups. This concludes the reviews that were initiated on 18 March 2015 (see press release at http://www.moodys.com/viewresearchdoc.aspx?docid=PR_320727 following the publication of Moody's new bank rating methodology). (Moody's has not concluded its reviews on two Japanese regional banks -- Daishi Bank, Ltd. and San-In Godo Bank, Ltd. Moody's expects to conclude the reviews on these in the first half of 2015.)

For its own business reasons, Moody's has withdrawn the outlooks for the preferred securities and all other junior instrument ratings for the banking groups listed below. All of the other subordinated and junior subordinated debt ratings and preferred stock ratings were affirmed as part of this rating action. The rationale for the affirmation of these ratings is the continuation of their key strengths; improving loan quality; and modest but stable earnings capacity supported by a stable operating environment.

Moody's has also assigned Counterparty Risk (CR) Assessments to 29 banks, in line with its new bank methodology.

In addition, Moody's has lowered the Adjusted Baseline Credit Assessments (Adjusted BCAs) of four banks; their Baseline Credit Assessments (BCAs) and credit ratings remain unchanged.

All of the ratings and assessments affected by this action are listed at the end of this press release.

RATINGS RATIONALE

The upgrade of the preferred securities ratings listed below was prompted by the revision of the global banking methodology, which became effective on March 16, 2015. Under the revised methodology, these preferred securities are rated three notches below the Adjusted BCA of the main bank within the issuing group.

The main banks within the issuing groups are Bank of Tokyo-Mitsubishi UFJ, Ltd. (Adjusted BCA:a3) for Mitsubishi UFJ Financial Group, Inc., Sumitomo Mitsui Banking Corporation (Adjusted BCA:a3) for Sumitomo Mitsui Financial Group, Inc., and Mizuho Bank, Ltd. (Adjusted BCA:baa1) for Mizuho Financial Group, Inc.

None of these bank's other ratings, including their long- and short-term deposit and senior debt ratings were affected.

Listed below are all of the upgraded preferred securities ratings.

MUFG Capital Finance 1 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

MUFG Capital Finance 2 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

MUFG Capital Finance 4 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

MUFG Capital Finance 5 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

MUFG Capital Finance 6 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

MUFG Capital Finance 7 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

MUFG Capital Finance 8 Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

SMFG Preferred Capital GBP 1 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

SMFG Preferred Capital GBP 2 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

SMFG Preferred Capital JPY 1 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

SMFG Preferred Capital JPY 2 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

SMFG Preferred Capital USD 1 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

SMFG Preferred Capital USD 3 Limited (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Baa3 (hyb) from Ba1 (hyb)

Mizuho Capital Investment (USD) 1 Limited (Lead analyst: Shunsaku Sato)

- Pref. Stock Non-cumulative rating (foreign currency): Upgraded to Ba1 (hyb) from Ba2 (hyb)

For its own business reasons, Moody's has withdrawn the outlooks for the preferred securities and all other junior instrument ratings for the banking groups listed below. All of the other subordinated and junior subordinated debt ratings and preferred stock ratings were affirmed as part of this rating action. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

Outlooks, which provide an opinion on the likely rating direction over the medium term, are now assigned only to long-term deposit and senior unsecured debt ratings.

Listed below are all of the affirmed junior instruments ratings.

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) (Lead analyst: Raymond Mark Spencer)

- Senior Subordinate (domestic currency): A2

BTMU (Curacao) Holdings N.V. (Lead analyst: Raymond Mark Spencer)

- Subordinate (foreign currency): A2

Chiba Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Subordinate (domestic currency): A2

Kansai Urban Banking Corporation (Lead analyst: Tetsuya Yamamoto)

- Senior Subordinate (domestic currency): Baa1

- Junior Subordinate (domestic currency): Baa2 (hyb)

Minato Bank, Ltd (The) (Lead analyst: Tetsuya Yamamoto)

- Senior Subordinate (domestic currency): A3

Mizuho Bank, Ltd. (Lead analyst: Shunsaku Sato)

- Senior Subordinate (domestic currency): A2

- Subordinate MTN (domestic currency): (P)A2

- Junior Subordinate MTN (domestic currency): (P)A3

Mizuho Finance (Aruba) A.E.C. (Lead analyst: Shunsaku Sato)

- Subordinate MTN (foreign currency): (P)A2

- Junior Subordinate MTN (foreign currency): (P)A3

Mizuho Finance (Cayman) Limited (Lead analyst: Shunsaku Sato)

- Subordinate MTN (foreign currency): (P)A2

- Junior Subordinate (foreign currency): A3(hyb)

- Junior Subordinate MTN (foreign currency): (P)A3

Mizuho Financial Group (Cayman) 2 Limited (Lead analyst: Shunsaku Sato)

- Senior Subordinate (foreign currency): A2

Mizuho Trust & Banking Co., Ltd. (Lead analyst: Shunsaku Sato)

- Senior Subordinate (domestic currency): A2

Norinchukin Finance (Cayman) Limited (Lead analyst: Shunsaku Sato)

- Subordinate (foreign currency): A2

- Subordinate MTN (foreign currency): (P)A2

Resona Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Junior Subordinate (foreign currency): Baa1(hyb)

Resona Preferred Glbl Securities (Cayman) Ltd (Lead analyst: Tetsuya Yamamoto)

- Pref. Stock Non-cumulative (foreign currency): Ba2 (hyb)

Shinsei Bank, Limited (Lead analyst: Shunsaku Sato)

- Senior Subordinate (foreign currency): Ba1

Shinsei Finance (Cayman) Limited (Lead analyst: Shunsaku Sato)

- Pref. Stock Non-cumulative (foreign currency): B2 (hyb)

Shinsei Finance II (Cayman) Limited (Lead analyst: Shunsaku Sato)

- Pref. Stock Non-cumulative (foreign currency): B2 (hyb)

Sumitomo Mitsui Banking Corporation (Lead analyst: Tetsuya Yamamoto)

- Subordinate (foreign currency): A2

- Subordinate (domestic currency): A2

- Junior Subordinate (foreign currency): A3 (hyb)

Sumitomo Mitsui Financial Group, Inc. (Lead analyst: Tetsuya Yamamoto)

- Subordinate (foreign currency): Baa2 (hyb)

Sumitomo Mitsui Trust Bank, Limited (Lead analyst: Raymond Mark Spencer)

- Senior Subordinate (domestic currency): A2

- Subordinate MTN (domestic currency): (P)A2

- Junior Subordinate MTN (domestic currency): (P)A3

STB Finance Cayman Ltd. (Lead analyst: Raymond Mark Spencer)

- Subordinate (foreign currency): A2

- Subordinate MTN (foreign currency): (P)A2

- Junior Subordinate (foreign currency): A3 (hyb)

- Junior Subordinate MTN (foreign currency): (P)A3

STB Preferred Capital 4 (Cayman) Limited (Lead analyst: Raymond Mark Spencer)

- Pref. Stock Non-cumulative (foreign currency): Baa3 (hyb)

Moody's has also assigned Counterparty Risk (CR) Assessments to 29 banks, in line with its new bank methodology. CR assessments are opinions of how counterparty obligations are likely to be treated if a bank fails, and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than the likelihood of default and the expected financial loss suffered in the event of default and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessments are an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (e.g., swaps), letters of credit, guarantees and liquidity facilities.

In most cases, the starting point for the CR Assessment -- which is an assessment of the ability to avoid defaulting on its operating obligations -- is one notch above the bank's Adjusted BCA, to which Moody's then adds the same notches of support uplift as applied to deposit and senior unsecured debt ratings.

As a result, the CR Assessment for most Japanese banks is one notch higher than their senior unsecured debt and deposit ratings, reflecting Moody's view that authorities are likely to honor the operating obligations the CR Assessment refers to in order to preserve a bank's critical functions and reduce potential for contagion.

However, in cases where the banks' senior unsecured debt and deposit ratings are rated A1, which is on par with Japan's sovereign debt rating -- Moody's has also assigned a CR Assessment of A1(cr).

Listed below are all of the assigned CR Assessments.

Aozora Bank, Ltd. (Lead analyst: Raymond Mark Spencer)

- CR Assessments: Baa1(cr) / P-2(cr)

Bank of Fukuoka, Ltd. (Lead analyst: Shunsaku Sato)

- CR Assessments: A3(cr) / P-2(cr)

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) (Lead analyst: Raymond Mark Spencer)

- CR Assessments: A1(cr) / P-1(cr)

Bank of Tokyo-Mitsubishi UFJ Ltd. (H.K. Br.) (Lead analyst: Raymond Mark Spencer)

- CR Assessments: A1(cr) / P-1(cr)

Bank of Tokyo-Mitsubishi UFJ, Ltd. (NY) (The) (Lead analyst: Raymond Mark Spencer)

- CR Assessment: P-1(cr)

Bank of Tokyo-Mitsubishi UFJ, Ltd., Sydney Br (Lead analyst: Raymond Mark Spencer)

- CR Assessments: A1(cr) / P-1(cr)

Bank of Yokohama, Ltd. (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Chiba Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Chugoku Bank, Limited (The) (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

Gunma Bank, Ltd. (The) (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Higo Bank, Ltd. (The) (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

Hiroshima Bank, Limited (Lead analyst: Shunsaku Sato)

- CR Assessments: A3(cr) / P-2(cr)

Hyakujushi Bank Limited (Lead analyst: Shunsaku Sato)

- CR Assessments: A2(cr) / P-1(cr)

Joyo Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Kansai Urban Banking Corporation (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A2(cr) / P-1(cr)

Kinki Osaka Bank, Ltd. (The) (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Minato Bank, Ltd (The) (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Mitsubishi UFJ Trust and Banking Corporation (Lead analyst: Raymond Mark Spencer)

- CR Assessments: A1(cr) / P-1(cr)

Mitsubishi UFJ Trust & Bank. Corp., NY Branch (Lead analyst: Raymond Mark Spencer)

- CR Assessment: P-1(cr)

Mizuho Bank, Ltd. (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

Mizuho Bank, Ltd., Cayman Branch (Lead analyst: Shunsaku Sato)

- CR Assessment: P-1(cr)

Mizuho Bank, Ltd., Hong Kong Branch (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

Mizuho Bank, Ltd., Paris Branch (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

Mizuho Bank, Ltd., Sydney Branch (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

Mizuho Trust & Banking Co., Ltd. (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

Norinchukin Bank (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

Ogaki Kyoritsu Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A3(cr) / P-2(cr)

Resona Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Saitama Resona Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Shinkin Central Bank (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Shinsei Bank, Limited (Lead analyst: Shunsaku Sato)

- CR Assessments: Baa2(cr) / P-3(cr)

Shizuoka Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Sumitomo Mitsui Banking Corporation (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Sumitomo Mitsui Banking Corp., Brussels Br (Lead analyst: Tetsuya Yamamoto)

- CR Assessment: P-1(cr)

Sumitomo Mitsui Banking Corp., Dusseldorf Br (Lead analyst: Tetsuya Yamamoto)

- CR Assessment: P-1(cr)

Sumitomo Mitsui Banking Corp, Singapore Br (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Sumitomo Mitsui Banking Corp, Sydney Br (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Sumitomo Mitsui Banking Corporation Europe (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A1(cr) / P-1(cr)

Sumitomo Mitsui Trust Bank, Limited (Lead analyst: Raymond Mark Spencer)

- CR Assessments: A1(cr) / P-1(cr)

Sumitomo Mitsui Trust Bank, Ltd., NY Branch (Lead analyst: Raymond Mark Spencer)

- CR Assessment: P-1(cr)

Suruga Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- CR Assessments: A2(cr) / P-1(cr)

Trust & Custody Services Bank, Ltd. (Lead analyst: Shunsaku Sato)

- CR Assessments: A1(cr) / P-1(cr)

In addition, Moody's has lowered the Adjusted BCAs of four banks; their BCAs and credit ratings remain unchanged. Under the revised methodology, the Adjusted BCAs incorporate expected support from affiliates, which cannot exceed the Adjusted BCAs of the affiliate that is providing the support. Previously, the Adjusted BCAs of the affected banks incorporated the affiliate's ability to support the bank measured by its long-term deposit ratings, which included government support.

Listed below are all of the lowered Adjusted BCAs.

Mitsubishi UFJ Trust and Banking Corporation (Lead analyst: Raymond Mark Spencer)

- Adjusted BCA: Lowered to a3 from a1

Trust & Custody Services Bank, Ltd. (Lead analyst: Shunsaku Sato)

- Adjusted BCA: Lowered to a3 from a1

Saitama Resona Bank, Ltd. (Lead analyst: Tetsuya Yamamoto)

- Adjusted BCA: Lowered to baa2 from a2

Kinki Osaka Bank, Ltd. (The) (Lead analyst: Tetsuya Yamamoto)

- Adjusted BCA: Lowered to baa2 from a2

WHAT COULD CHANGE THE RATINGS UP/DOWN

Japanese banks with long-term deposits rated at the same level as Japan’s sovereign rating are unlikely to be upgraded. Other banks may be upgraded if they continue to accumulate capital without materially increasing their asset risk profile. The following factors would result in downward ratings pressure: i) a downgrade of Japan's sovereign rating; ii) a measurable deterioration in asset quality; and/or iii) a material increase in risk appetite in attempt to improve their profitability.

The principal methodology used in these ratings was Banks (Japanese) published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

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.

Shunsaku Sato
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: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (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: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Moody's concludes reviews on three Japanese banks and assigns Counterparty Risk Assessments to 29 Japanese banks
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

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