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Japan Finance Organization for Municipalities ?20 Billion Domestic Bonds Rated 'AA-' Dec 11
Standard & Poors, December 2011
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
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Japan Finance Organization for Municipalities