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Tokyo Metropolitan Government ?30 Billion Domestic Bonds Rated 'AA' Oct 09
Standard & Poors, October 2009
TOKYO (Standard & Poor's) Oct. 7, 2009--Standard & Poor's Ratings Services today assigned its 'AA' rating to Tokyo Metropolitan Government's (TMG; AA/Stable/--) -30 billion 20-year #20 domestic bonds, due Sept. 20, 2029. The coupon rate on the 20-year bonds is 2.09%. The major factors in evaluating the credit quality of TMG are: Its robust local tax base as the center of the Japanese and Asian economy, providing it with a strong independent source of revenue; Its track record of fiscal reforms, streamlining expenditures to improve its financial profile under the strong leadership of Governor Ishihara; and Its sophisticated financial management practices. Constraints on the rating include its decreasing financial flexibility, mainly due to increasing social care costs and its high...
Companies mentioned in this report are: Tokyo Metropolitan Government,Japan (Unsolicited Ratings)
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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Tokyo Metropolitan Government,Japan (Unsolicited Ratings)