Japan Finance Organization for Municipalities ?20 Billion Domestic Bonds Rated 'AA-' Dec 11

Standard & Poors, December 2011

Abstract
TOKYO (Standard & Poor's) Dec. 8, 2011--Standard & Poor's Ratings Services today assigned its 'AA-' debt rating to Japan Finance Organization for Municipalities' (JFM; AA-/Negative/A-1+) series 19 -20 billion 20-year domestic senior secured bonds. The bonds are due Dec. 26, 2031. The coupon rate is 1.840%. The ratings on JFM reflect the organization's key policy role and its very strong link with the central government in Japan's local and regional government (LRG) sector. Standard & Poor's believes there is a "very high" likelihood of extraordinary support from the government of Japan in the event of financial distress. We assess JFM's stand-alone credit profile, which excludes potential extraordinary government support, as 'a+'. Its loan asset quality is very strong, with no...

Companies mentioned in this report are: Japan Finance Organization for Municipalities
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.

Japan Finance Organization for Municipalities

Customers who bought this item also bought

• Japan Education Industry Forecast to 2015
• Defense and Security in Japan
• Distance Learning - Global Outlook
• Future of the Japanese Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018
• The Japan Defense Industry - Market Attractiveness and Emerging Opportunities to 2017: Market Profile
• Defense Spending in Japan
• The Asia Pacific Research Centres Directory 2013
• Global Education Industry Forecast to 2016 - Focus on Emerging Markets
• Japan Defence and Security Report Q1 2013
• Japan Defence and Security Report Q2 2013