Ratings On Four Japanese Public Institutions Raised To ?AA' Following Upgrade On Japan Apr 07

Standard & Poors, April 2007

Abstract
SINGAPORE (Standard & Poor's) April 23, 2007--Standard & Poor's Ratings Services today said that it had raised its credit ratings on four Japanese public institutions to 'AA' from 'AA-' following the upgrade on Japan (AA/Stable/A-1+) earlier today. The outlooks on the ratings of the four entities are stable (see list). In addition, the ratings and outlook on Development Bank of Japan were affirmed as the bank is expected to be privatized in due course. The sovereign rating on Japan was raised based on the country's progress in fiscal, monetary, and structural fronts (see Standard & Poor's media release "Japan Upgraded To 'AA' On Progress In Fiscal Consolidation; Outlook Stable" published today). The direction of the ratings and outlook on Japan...

Companies mentioned in this report are: Japan Bank for International Cooperation (Old),Development Bank of Japan Inc.,Japan Finance Corp. for Municipal Enterprises,Japan Housing Finance Agency,Japan Expressway Holding and Debt Repayment Agency
Action: Upgraded

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 Bank for International Cooperation (Old),Development Bank of Japan Inc.,Japan Finance Corp. for Municipal Enterprises,Japan Housing Finance Agency,Japan Expressway Holding and Debt Repayment Agency

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