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Rating Action:

Moody's downgrades 12 Japan government-related issuer ratings to A1 with stable outlook

 The document has been translated in other languages

03 Dec 2014

NOTE:On March 20,2015, the press release was revised as follows:In the rating actions list, Japan Expressway Holding and Debt Repayment Agency , removed the reference to action taken on BACKED senior unsecured debt ratings (domestic currency) , Central Nippon Expressway Company Limited, removed the reference to action taken on Senior unsecured debt ratings (foreign currency) and under West Nippon Expressway Company Limited, removed the reference to action taken on Senior secured debt ratings (domestic currency), and under New Kansai International Airport Company Limited, removed the reference to action taken on Senior unsecured debt ratings (domestic currency), and under Japan Finance Corporation, and removed the reference to action taken on BACKED senior unsecured debt ratings (domestic).

Tokyo, December 03, 2014 -- Moody's Japan K.K. has downgraded the ratings of Japanese government-related issuers (GRIs) to A1 from Aa3, subsequent to the sovereign downgrade to A1 from Aa3. The rating outlooks are stable.

(1) Japan Expressway Holding and Debt Repayment Agency

(2) East Nippon Expressway Company Limited

(3) Central Nippon Expressway Company Limited

(4) West Nippon Expressway Company Limited

(5) Metropolitan Expressway Company Limited

(6) Urban Renaissance Agency

(7) Japan Railway Construction, Transport and Technology Agency

(8) New Kansai International Airport Company Limited

(9) Japan Finance Corporation

(10) Japan Finance Organization for Municipalities

(11) Japan Housing Finance Agency

(12) Japan Bank for International Cooperation

RATINGS RATIONALE

The downgrade reflects the full linkages between the central government and these GRIs. Moody's uses a credit substitution approach as a GRI which is considered to operate under the Zaito system is essentially considered to be an arm of the Government of Japan. As such, the rating action itself does not indicate changes in individual credit strength.

The rating outlooks for these GRIs mirror the stable outlook of the Government of Japan.

WHAT COULD CHANGE THE RATINGS UP/DOWN

An upgrade/downgrade of the government of Japan's sovereign rating. In addition, a decline in government ownership or an institutional change that would result in lower financial support or weaken the very close relationship with the central government could lead to downward pressure.

The principal methodology used in these ratings was Government-Related Issuers (Japanese) published in November 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Below is a list of those entities whose ratings have been downgraded with details of rating actions.

Japan Expressway Holding and Debt Repayment Agency

Senior secured debt ratings (domestic currency): to A1 from Aa3

BACKED senior secured debt ratings (domestic currency): to A1 from Aa3

East Nippon Expressway Company Limited

Long-term issuer rating (domestic currency): to A1 from Aa3

BACKED Senior secured debt ratings (domestic currency): to A1 from Aa3

Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3

Central Nippon Expressway Company Limited

Long-term issuer rating (domestic currency): to A1 from Aa3

BACKED senior secured debt ratings (domestic currency): to A1 from Aa3

BACKED senior unsecured debt ratings (foreign currency): to A1 from Aa3

Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3

West Nippon Expressway Company Limited

Long-term issuer rating (domestic currency): to A1 from Aa3

BACKED senior secured debt ratings (domestic currency): to A1 from Aa3

Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3

Metropolitan Expressway Company Limited

Long-term issuer rating (domestic currency): to A1 from Aa3

BACKED senior secured debt ratings (domestic currency): to A1 from Aa3

Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3

Urban Renaissance Agency

Long-term issuer rating (domestic currency): to A1 from Aa3

Senior secured debt ratings (domestic currency): to A1 from Aa3

BACKED senior secured debt rating (domestic currency): to A1 from Aa3

Japan Railway Construction, Transport and Technology Agency

Long-term issuer rating (domestic currency): to A1 from Aa3

Senior secured debt ratings (domestic currency): to A1 from Aa3

New Kansai International Airport Company Limited

Long-term issuer rating (domestic currency): to A1 from Aa3

Senior secured debt ratings (domestic currency): to A1 from Aa3

Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3

Kansai International Airport Land Company Limited

Senior secured debt ratings (domestic currency): to A1 from Aa3

Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3

Japan Finance Corporation

Long-term issuer rating (domestic and foreign currency): to A1 from Aa3

Senior secured debt ratings (domestic currency): to A1 from Aa3

BACKED senior secured debt ratings (domestic currency): to A1 from Aa3

BACKED senior unsecured debt ratings (foreign currency): to A1 from Aa3

Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3

Japan Finance Organization for Municipalities

Long-term issuer rating (domestic and foreign currency): to A1 from Aa3

Senior secured debt ratings (domestic currency): to A1 from Aa3

Senior unsecured debt ratings (foreign currency): to A1 from Aa3

BACKED senior secured debt rating (domestic currency): to A1 from Aa3

BACKED senior unsecured debt ratings (domestic and foreign currency): to A1 from Aa3

Senior unsecured Medium Term Note Program rating (domestic currency): to (P)A1 from (P)Aa3

BACKED senior unsecured shelf registration rating (foreign currency): to (P)A1 from (P)Aa3

Japan Housing Finance Agency

Long-term issuer rating (domestic currency): to A1 from Aa3

Japan Bank for International Cooperation

Long-term issuer rating (domestic and foreign currency): to A1 from Aa3

BACKED senior unsecured debt ratings (foreign currency): to A1 from Aa3

BACKED senior secured debt ratings (domestic currency): to A1 from Aa3

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.

Mari Kumagai
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: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

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: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Moody's downgrades 12 Japan government-related issuer ratings to A1 with stable outlook
No Related Data.
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