Summary: Japan Expressway Holding and Debt Repayment Agency Nov 09

Standard & Poors, November 2009

Abstract
The ratings on Japan Expressway Holding and Debt Repayment Agency (JEHDRA) are equalized with those on Japan (AA/Stable/A-1+) based on its critical public policy role and integral link with the government. In addition to ongoing support provided to JEHDRA in the form of low-cost direct funding, the Fiscal Investment and Loan Program (FILP), guarantees, and capital injections, we expect almost certain likelihood of extraordinary support should such need arise. JEDRA has a critical policy role as an executor to pay back debt incurred by the construction of expressways that JEHDRA manages on behalf of the government. The ownership of these expressways was transferred from four highway corporations as part of their privatization. As such, although the portion of direct government...

Companies mentioned in this report are: Japan Expressway Holding and Debt Repayment Agency,Japan (Unsolicited Ratings)
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Japan Expressway Holding and Debt Repayment Agency,Japan (Unsolicited Ratings)

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