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
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