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Summary: Japan Finance Organization for Municipalities Jun 10

  • ID: 2041977
  • June 2010
  • Region: Japan
  • Standard & Poors

Abstract
The ratings on Japan Finance Organization for Municipalities (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 Ratings Services believes there is a "very high" likelihood of extraordinary support from the government of Japan in the event of financial distress. JFM's stand-alone credit profile (SACP, which excludes potential extraordinary government support) is assessed as 'A+'. Its loan asset quality is very strong, with no nonperforming loans (NPLs) despite 100% concentration in one sector: all loans are made to Japan's LRGs and their related entities with LRG guarantees. In addition, JFM has had no credit defaults on its loans since the inception of...

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

Action: Review

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- Japan Finance Organization for Municipalities

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