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Aichi Prefecture's 20-Year Senior Unsecured Bonds Rated 'AA-' Jun 11
Standard & Poors, June 2011
Abstract
TOKYO (Standard & Poor's) June 17, 2011--Standard & Poor's Ratings Services today assigned its 'AA-' rating to Aichi Prefecture's (AA-/Negative/A-1+) -20 billion 20-year series 5 domestic senior unsecured bonds due June 20, 2031. The coupon rate is 1.988%. Aichi occupies a central position in both the national and broader regional economy and thus enjoys strong independent sources of revenue. The prefecture's modifiable revenue (including taxes, fees, and rates, but excluding central government transfers) is among the strongest of Japan's (AA-/Negative/A-1+) local and regional governments (LRGs) and also compares strongly globally. However, we believe that, in the next few years, Aichi will not be able to reduce its existing high level of debt, assuming that the macroeconomic environment in Japan and...
Companies mentioned in this report are: Aichi (Prefecture of)
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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