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Japan Expressway Holding and Debt Repayment Agency Dec 11
Standard & Poors, December 2011
Critical policy role to manage expressway assets and debt repayment for government Integral link with government, as reflected by government's 100% ownership, guarantees, grants, and capital injections Stable flow of revenue and relatively low funding from private sector Large total outstanding debt Relatively low prospects for revenue growth, particularly from new highways We have equalized the rating on Japan Expressway Holding and Debt Repayment Agency (JEHDRA; AA-/Negative/--) with those on Japan (AA-/Negative/A-1+), based on its critical public policy role and its integral link with the government. The government provides JEHDRA with ongoing support in the form of low-cost direct funding through the Fiscal Investment and Loan Program (FILP), guarantees on its debts, and capital injections, and we believe there is...
Companies mentioned in this report are: Japan Expressway Holding and Debt Repayment Agency
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
Japan Expressway Holding and Debt Repayment Agency