NEWS RELEASE
Jun 07, 2016

R&I Changes Rating Outlooks for 22 Government Agencies to Negative Following
the Rating Outlook Revision for Japan's Sovereign
Rating and Investment Information, Inc. (R&I) has announced the following:
ISSUER:

Japan Finance Corp.
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:The Okinawa Development Finance Corp.
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

Japan Bank for International Cooperation
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

Japan International Cooperation Agency
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

Japan Housing Finance Agency
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

Japan Finance Organization for Municipalities
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

Japan Expressway Holding and Debt Repayment Agency
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

Central Nippon Expressway Co., Ltd.
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

East Nippon Expressway Co., Ltd.
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

West Nippon Expressway Co., Ltd.
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

Metropolitan Expressway Co., Ltd.
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable■Contact: Investors Service Department
TEL. +81-(0)3-3276-3511 E-mail. infodept@r-i.co.jp■Media Contact : Corporate Planning Division (Public Relations) TEL. +81-(0)3-3276-3438

Rating and Investment Information, Inc.

Nihonbashi 1-chome Mitsui Bldg., 1-4-1, Nihonbashi, Chuo-ku, Tokyo 103-0027, Japan http://www.r-i.co.jp
Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are notstatements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment.
R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is notliable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details,
please refer to http://www.r-i.co.jp/eng/policy/policy.html.

©Rating and Investment Information, Inc.

NEWS RELEASEISSUER:

Hanshin Expressway Co., Ltd.
Issuer Rating: AA+
Rating Outlook: Negative, Changed from Stable

ISSUER:

Environmental Restoration and Conservation Agency
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:

Forestry and Forest Products Research InstituteIssuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:

National Institution for Academic Degrees and Quality Enhancement of Higher
Education
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:

Japan Railway Construction, Transport and Technology Agency
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:

Urban Renaissance Agency
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:

Japan Student Services Organization
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:The Promotion and Mutual Aid Corp. for Private Schools of Japan
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:

Development Bank of Japan Inc.
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:

Welfare and Medical Service Agency
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

ISSUER:

Japan Water Agency
Issuer Rating: AA
Rating Outlook: Negative, Changed from Stable

RATIONALE:
On June 6, R&I changed the Rating Outlook for Japan's sovereign to Negative from Stable. As aresult of this rating action, R&I has also changed the Rating Outlooks for the 22 government agencies
listed above to Negative from Stable.
When rating government agencies, R&I makes comprehensive assessment by evaluating "the■Contact: Investors Service Department
TEL. +81-(0)3-3276-3511 E-mail. infodept@r-i.co.jp■Media Contact : Corporate Planning Division (Public Relations) TEL. +81-(0)3-3276-3438

Rating and Investment Information, Inc.

Nihonbashi 1-chome Mitsui Bldg., 1-4-1, Nihonbashi, Chuo-ku, Tokyo 103-0027, Japan http://www.r-i.co.jp
Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are notstatements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment.
R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is notliable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details,
please refer to http://www.r-i.co.jp/eng/policy/policy.html.

©Rating and Investment Information, Inc.

NEWS RELEASE
likelihood of the government providing required assistance", and then factoring in "the corporation's
standalone creditworthiness". The ratings are therefore affected by the sovereign creditworthiness.
R&I incorporates "the likelihood of the government providing required assistance" to a great
extent into the creditworthiness of the government agencies that have strong characteristics of policy
implementation organizations due, for example, to their engagement in policy finance that is difficult
for the private sector to undertake or in the construction and management of infrastructure. From thispoint of view, the Rating Outlooks have been changed for the 22 government agencies rated AA+ or
AA, whose creditworthiness is the same as or very close to the sovereign creditworthiness.
Note that the Rating Outlooks have not been changed for the government agencies, etc. thathave a certain level of operating base and for which standalone assessment has more weight,
because these agencies are not easily affected by a decline in the government's capability to provide
assistance.
The primary rating methodologies applied to this rating are provided at "R&I's Analytical
Approach to Government Agencies", "R&I's Basic Methodology for Corporate Credit Ratings" and"Shared Rating Approach for Financial Institutions, etc." The methodologies are available at the website listed below, together with other rating methodologies that are taken into consideration whenassigning the rating.
http://www.r-i.co.jp/eng/cfp/about/methodology/index.html
R&I RATINGS:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:

Japan Finance Corp.
Issuer Rating
AA+
Negative, Changed from Stable
The Okinawa Development Finance Corp.
Issuer Rating
AA+
Negative, Changed from Stable
Japan Bank for International Cooperation
Issuer Rating
AA+
Negative, Changed from Stable
Japan International Cooperation Agency
Issuer Rating
AA+
Negative, Changed from Stable
Japan Housing Finance Agency
Issuer Rating
AA+
Negative, Changed from Stable■Contact: Investors Service Department
TEL. +81-(0)3-3276-3511 E-mail. infodept@r-i.co.jp■Media Contact : Corporate Planning Division (Public Relations) TEL. +81-(0)3-3276-3438

Rating and Investment Information, Inc.

Nihonbashi 1-chome Mitsui Bldg., 1-4-1, Nihonbashi, Chuo-ku, Tokyo 103-0027, Japan http://www.r-i.co.jp
Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are notstatements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment.
R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is notliable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details,
please refer to http://www.r-i.co.jp/eng/policy/policy.html.

©Rating and Investment Information, Inc.

NEWS RELEASEISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:

Japan Finance Organization for Municipalities
Issuer Rating
AA+
Negative, Changed from Stable
Japan Expressway Holding and Debt Repayment Agency
Issuer Rating
AA+
Negative, Changed from Stable
Central Nippon Expressway Co., Ltd.
Issuer Rating
AA+
Negative, Changed from Stable
East Nippon Expressway Co., Ltd.
Issuer Rating
AA+
Negative, Changed from Stable
West Nippon Expressway Co., Ltd.
Issuer Rating
AA+
Negative, Changed from Stable
Metropolitan Expressway Co., Ltd.
Issuer Rating
AA+
Negative, Changed from Stable
Hanshin Expressway Co., Ltd.
Issuer Rating
AA+
Negative, Changed from Stable
Environmental Restoration and Conservation Agency
Issuer Rating
AA
Negative, Changed from Stable■Contact: Investors Service Department
TEL. +81-(0)3-3276-3511 E-mail. infodept@r-i.co.jp■Media Contact : Corporate Planning Division (Public Relations) TEL. +81-(0)3-3276-3438

Rating and Investment Information, Inc.

Nihonbashi 1-chome Mitsui Bldg., 1-4-1, Nihonbashi, Chuo-ku, Tokyo 103-0027, Japan http://www.r-i.co.jp
Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are notstatements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment.
R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is notliable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details,
please refer to http://www.r-i.co.jp/eng/policy/policy.html.

©Rating and Investment Information, Inc.

NEWS RELEASEISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:ISSUER:RATING:RATING OUTLOOK:

Forestry and Forest Products Research InstituteIssuer Rating
AA
Negative, Changed from Stable
National Institution for Academic Degrees and Quality
Enhancement of Higher Education
Issuer Rating
AA
Negative, Changed from Stable
Japan Railway Construction, Transport and Technology
AgencyIssuer Rating
AA
Negative, Changed from Stable
Urban Renaissance Agency
Issuer Rating
AA
Negative, Changed from Stable
Japan Student Services Organization
Issuer Rating
AA
Negative, Changed from Stable
The Promotion and Mutual Aid Corp. for Private Schools ofJapan
Issuer Rating
AA
Negative, Changed from Stable
Development Bank of Japan Inc.
Issuer Rating
AA
Negative, Changed from StableWelfare and Medical Service Agency
Issuer Rating
AA
Negative, Changed from Stable■Contact: Investors Service Department
TEL. +81-(0)3-3276-3511 E-mail. infodept@r-i.co.jp■Media Contact : Corporate Planning Division (Public Relations) TEL. +81-(0)3-3276-3438

Rating and Investment Information, Inc.

Nihonbashi 1-chome Mitsui Bldg., 1-4-1, Nihonbashi, Chuo-ku, Tokyo 103-0027, Japan http://www.r-i.co.jp
Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are notstatements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment.
R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is notliable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details,
please refer to http://www.r-i.co.jp/eng/policy/policy.html.

©Rating and Investment Information, Inc.

NEWS RELEASEISSUER:RATING:RATING OUTLOOK:

Japan Water Agency
Issuer Rating
AA
Negative, Changed from Stable■Contact: Investors Service Department
TEL. +81-(0)3-3276-3511 E-mail. infodept@r-i.co.jp■Media Contact : Corporate Planning Division (Public Relations) TEL. +81-(0)3-3276-3438

Rating and Investment Information, Inc.

Nihonbashi 1-chome Mitsui Bldg., 1-4-1, Nihonbashi, Chuo-ku, Tokyo 103-0027, Japan http://www.r-i.co.jp
Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are notstatements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment.
R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is notliable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details,
please refer to http://www.r-i.co.jp/eng/policy/policy.html.

©Rating and Investment Information, Inc.