Seven Japanese Public Institutions Downgraded
Following Japan Sovereign Action; Outlooks
StablePrimary Credit Analyst:
Kensuke Sugihara, Tokyo (81) 3-4550-8475; kensuke.sugihara@standardandpoors.com
Secondary Contacts:
Miyuki Onchi, Tokyo (81) 3-4550-8340; miyuki.onchi@standardandpoors.com
Toshiko Sekine, Tokyo (81) 3-4550-8742; toshiko.sekine@standardandpoors.com
Hiroki Shibata, Tokyo (81) 3-4550-8437; hiroki.shibata@standardandpoors.com• We have reviewed the ratings on a number of Japanese government-related
entities following our lowering of the sovereign ratings on Japan.
• We are lowering to 'A+' from 'AA-' the long-term issuer credit and debtratings on JBIC, JICA, JEHDRA, JHF, JFM, and NAA and to 'A-1' from 'A-1+'
the short-term ratings on JBIC, JICA, JHF, JFM, and NAA. The outlooks onthe ratings are stable.
• We are lowering to 'A' from 'A+' the long-term issuer credit ratings on
DBJ and are affirming the 'A-1' short-term rating. The outlook is stable.
• The rating actions on these public institutions reflect those entities'
respective relationships with the Japanese government.
TOKYO (Standard & Poor's) Sept. 17, 2015--Standard & Poor's Ratings Services
today said it that has lowered to 'A+' from 'AA-' its long-term issuer creditand debt ratings on Japan Bank for International Cooperation (JBIC), Japan
International Cooperation Agency (JICA), Japan Expressway Holding and Debt
Repayment Agency (JEHDRA), Japan Housing Finance Agency (JHF), Japan Finance
Organization for Municipalities (JFM), and Narita International Airport Corp.
(NAA). At the same time, Standard & Poor's also lowered to 'A-1' from 'A-1+'
its short-term issuer credit ratings on JBIC, JICA, JHF, JFM, and NAA. The
outlooks are stable. At the same time, we lowered the long-term issuer credit
and debt ratings on Development Bank of Japan Inc. (DBJ) one notch to 'A' from'A+' and affirmed the short-term issuer credit and commercial paper program
ratings on the entity at 'A-1'. The outlook on the long-term issuer credit

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Seven Japanese Public Institutions Downgraded Following Japan Sovereign Action; Outlooks Stable

rating is stable. We lowered the ratings on DBJ's Japanese
government-guaranteed debt to 'A+' from 'AA-'.
The rating actions on the seven entities follow our lowering of the long- andshort-term sovereign credit ratings on Japan (see "Japan Ratings Lowered To'A+/A-1'; Outlook Is Stable," published Sept. 16, 2015).
The ratings on the seven entities are based on Standard & Poor's criteria for
rating government-related entities (GREs) (see "Rating Government-Related
Entities: Methodology And Assumptions," March 25, 2015). Standard & Poor's
does not consider the stand-alone credit profiles (SACPs) of these GREs or ourassessment of the likelihood of them receiving extraordinary government
support to have fundamentally changed. Today's rating actions reflect ouractions on the sovereign, based on the aforementioned criteria. Under thesecriteria, we assess the likelihood of the government extending extraordinary
support to these GREs to be "very high" for NAA, "extremely high" for JFM andDBJ, and "almost certain" for the other GREs.

RATINGS LIST
Ratings Lowered; Outlook Action
ToJapan Bank for International Cooperation
A+/Stable/A-1
Japan International Cooperation Agency
A+/Stable/A-1
Japan Housing Finance Agency
A+/Stable/A-1
Japan Finance Organization for Municipalities
A+/Stable/A-1
Narita International Airport Corp.
A+/Stable/A-1
Japan Expressway Holding and Debt Repayment Agency
A+/Stable/-Development Bank of Japan Inc.
A/Stable/A-1

From
AA-/Negative/A-1+
AA-/Negative/A-1+
AA-/Negative/A-1+
AA-/Negative/A-1+
AA-/Negative/A-1+
AA-/Negative/-A+/Negative/A-1

RELATED CRITERIA AND RESEARCH
Related Criteria• Rating Government-Related Entities: Methodology And Assumptions, March25, 2015
• Corporate Methodology, Nov. 19, 2013
• Key Credit Factors For The Transportation Infrastructure Industry, Nov.
19, 2013• Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013
• Methodology And Assumptions: Liquidity Descriptors For Global CorporateIssuers, Dec. 16, 2014
• Methodology: Industry Risk, Nov. 19, 2013

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Seven Japanese Public Institutions Downgraded Following Japan Sovereign Action; Outlooks Stable• Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013
• Methodology: Management And Governance Credit Factors For CorporateEntities And Insurers, Nov. 13, 2012
• 2008 Corporate Criteria: Rating Each Issue, April 15, 2008
• Group Rating Methodology, Nov. 19, 2013
• Banks: Banking Industry Country Risk Assessment Methodology AndAssumptions, Nov. 9, 2011
• Banks: Rating Methodology And Assumptions, Nov. 9, 2011
• Banks: Bank Hybrid Capital And Nondeferrable Subordinated Debt
Methodology And Assumptions, Jan. 29, 2015
• Bank Capital Methodology And Assumptions, Dec. 6, 2010
• Banks: Revised Market Risk Charges For Banks In Our Risk-Adjusted Capital
Framework, June 22, 2012
• Rating Finance Companies, March 18, 2004
• Commercial Paper I: Banks, March 23, 2004

A Japanese-language version of this media release is available on Standard &Poor's Research Online at www.researchonline.jp, or via CreditWire Japan onBloomberg Professional at SPCJ <GO>. Complete ratings information is available
to subscribers of RatingsDirect at www.globalcreditportal.com and atwww.spcapitaliq.com. All ratings affected by this rating action can be foundon Standard & Poor's public website at www.standardandpoors.com. Use theRatings search box located in the left column.

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