Trust & Custody Services Bank Ltd. Jun 10

Standard & Poors, June 2010

Abstract
Limited credit and market risk due to its specialization in asset administration Relatively stable fee income with access to parent institutions' customer bases Adequate capitalization relative to operational risk Strategically important subsidiary of Mizuho Financial Group Inc. Intensifying competition Trust & Custody Services Bank Ltd. (TCSB; A+/Stable/A-1) was established by Mizuho Trust & Banking Co. Ltd. (A+/Stable/A-1) and four major life insurers, including Dai-ichi Life Insurance Co. Ltd. (A/Negative/--). TCSB specializes in asset administration. The bank faces extremely low credit risk and market risk. It does not run general loan operations, nor does it generally accept assets with principal guarantees in its trust accounts. Most securities held are JGBs within one year to maturity. The major risk facing the bank...

Companies mentioned in this report are:
- Trust & Custody Services Bank Ltd.
- Mizuho Finance (Curacao) N.V.
- Mizuho Corporate Bank (Canada)
- Mizuho Finance (Cayman) Ltd.
- Mizuho Trust & Banking Co. Ltd.
- Mizuho Bank Ltd.
- Mizuho Corporate Bank Ltd.
- Mizuho Financial Group Inc.
- Mizuho Capital Investment (USD) 1 Ltd.
- Mizuho Corporate Bank (China) Ltd.
- Mizuho Capital Investment (USD) 2 Ltd.
- Mizuho Capital Investment (JPY) 5 Limited

Action: Review

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: Full Analysis

- Trust & Custody Services Bank Ltd.
- Mizuho Finance (Curacao) N.V.
- Mizuho Corporate Bank (Canada)
- Mizuho Finance (Cayman) Ltd.
- Mizuho Trust & Banking Co. Ltd.
- Mizuho Bank Ltd.
- Mizuho Corporate Bank Ltd.
- Mizuho Financial Group Inc.
- Mizuho Capital Investment (USD) 1 Ltd.
- Mizuho Corporate Bank (China) Ltd.
- Mizuho Capital Investment (USD) 2 Ltd.
- Mizuho Capital Investment (JPY) 5 Limited

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