Rating Action: Moody's downgrades 12 Japan government-related issuer ratings
to A1 with stable outlook
Global Credit Research - 03 Dec 2014
Tokyo, December 03, 2014 -- Moody's Japan K.K. has downgraded the ratings of Japanese government-related
issuers (GRIs) to A1 from Aa3, subsequent to the sovereign downgrade to A1 from Aa3. The rating outlooks arestable.
(1) Japan Expressway Holding and Debt Repayment Agency(2) East Nippon Expressway Company Limited(3) Central Nippon Expressway Company Limited(4) West Nippon Expressway Company Limited(5) Metropolitan Expressway Company Limited(6) Urban Renaissance Agency(7) Japan Railway Construction, Transport and Technology Agency(8) New Kansai International Airport Company Limited(9) Japan Finance Corporation(10) Japan Finance Organization for Municipalities(11) Japan Housing Finance Agency(12) Japan Bank for International Cooperation
RATINGS RATIONALE
The downgrade reflects the full linkages between the central government and these GRIs. Moody's uses a credit
substitution approach as a GRI which is considered to operate under the Zaito system is essentially considered to
be an arm of the Government of Japan. As such, the rating action itself does not indicate changes in individual
credit strength.
The rating outlooks for these GRIs mirror the stable outlook of the Government of Japan.
WHAT COULD CHANGE THE RATINGS UP/DOWN
An upgrade/downgrade of the government of Japan's sovereign rating. In addition, a decline in government
ownership or an institutional change that would result in lower financial support or weaken the very close
relationship with the central government could lead to downward pressure.
The principal methodology used in these ratings was Government-Related Issuers (Japanese) published in
November 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Below is a list of those entities whose ratings have been downgraded with details of rating actions.
Japan Expressway Holding and Debt Repayment Agency
Senior secured debt ratings (domestic currency): to A1 from Aa3
BACKED senior secured debt ratings (domestic currency): to A1 from Aa3
BACKED senior unsecured debt ratings (domestic currency): to A1 from Aa3

East Nippon Expressway Company Limited
Long-term issuer rating (domestic currency): to A1 from Aa3
BACKED Senior secured debt ratings (domestic currency): to A1 from Aa3
Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3
Central Nippon Expressway Company Limited
Long-term issuer rating (domestic currency): to A1 from Aa3
Senior unsecured debt ratings (foreign currency): to A1 from Aa3
BACKED senior secured debt ratings (domestic currency): to A1 from Aa3
BACKED senior unsecured debt ratings (foreign currency): to A1 from Aa3
Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3
West Nippon Expressway Company Limited
Long-term issuer rating (domestic currency): to A1 from Aa3
Senior secured debt ratings (domestic currency): to A1 from Aa3
BACKED senior secured debt ratings (domestic currency): to A1 from Aa3
Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3
Metropolitan Expressway Company Limited
Long-term issuer rating (domestic currency): to A1 from Aa3
BACKED senior secured debt ratings (domestic currency): to A1 from Aa3
Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3
Urban Renaissance Agency
Long-term issuer rating (domestic currency): to A1 from Aa3
Senior secured debt ratings (domestic currency): to A1 from Aa3
BACKED senior secured debt rating (domestic currency): to A1 from Aa3
Japan Railway Construction, Transport and Technology Agency
Long-term issuer rating (domestic currency): to A1 from Aa3
Senior secured debt ratings (domestic currency): to A1 from Aa3
New Kansai International Airport Company Limited
Long-term issuer rating (domestic currency): to A1 from Aa3
Senior secured debt ratings (domestic currency): to A1 from Aa3
Senior unsecured debt ratings (domestic currency): to A1 from Aa3
Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3
Kansai International Airport Land Company Limited
Senior secured debt ratings (domestic currency): to A1 from Aa3

Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3
Japan Finance Corporation
Long-term issuer rating (domestic and foreign currency): to A1 from Aa3
Senior secured debt ratings (domestic currency): to A1 from Aa3
BACKED senior secured debt ratings (domestic currency): to A1 from Aa3
BACKED senior unsecured debt ratings (foreign currency): to A1 from Aa3
Senior secured shelf registration rating (domestic currency): to (P)A1 from (P)Aa3
BACKED senior unsecured debt ratings (domestic): to A1 from Aa3
Japan Finance Organization for Municipalities
Long-term issuer rating (domestic and foreign currency): to A1 from Aa3
Senior secured debt ratings (domestic currency): to A1 from Aa3
Senior unsecured debt ratings (foreign currency): to A1 from Aa3
BACKED senior secured debt rating (domestic currency): to A1 from Aa3
BACKED senior unsecured debt ratings (domestic and foreign currency): to A1 from Aa3
Senior unsecured Medium Term Note Program rating (domestic currency): to (P)A1 from (P)Aa3
BACKED senior unsecured shelf registration rating (foreign currency): to (P)A1 from (P)Aa3
Japan Housing Finance Agency
Long-term issuer rating (domestic currency): to A1 from Aa3
Japan Bank for International Cooperation
Long-term issuer rating (domestic and foreign currency): to A1 from Aa3
BACKED senior unsecured debt ratings (foreign currency): to A1 from Aa3
BACKED senior secured debt ratings (domestic currency): to A1 from Aa3
REGULATORY DISCLOSURESFor ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory
disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/classof debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordancewith Moody's rating practices. For ratings issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating
action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in
relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where
the transaction structure and terms have not changed prior to the assignment of the definitive rating in a mannerthat would have affected the rating. For further information please see the ratings tab on the issuer/entity page forthe respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating
action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures willbe those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable tojurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating
outlook or rating review.

Moody's Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its
registration number is FSA Commissioner (Ratings) No. 2. The Financial Services Agency has not imposed any
supervisory measures on Moody's Japan K.K. in the past year.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal
entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures foreach credit rating.
Mari KumagaiVice President - Senior Analyst
Sub-Sovereign Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100
David M Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign GroupJOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Copyright 2014 Moody's Japan K.K., Moody's SF Japan K.K. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ARE MOODY'S JAPAN K.K. AND MOODY'S SF JAPAN K.K. 'S (" MJKK" AND " MSFJ"RESPECTIVELY) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDITCOMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCHPUBLICATIONS PUBLISHED BY MJKK AND/OR MJSF (" MJKK AND/OR MSFJ PUBLICATIONS") MAY
INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MJKK AND MSFJ DEFINE CREDIT RISKAS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY
COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO
NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUERISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MJKK AND/OR
MSFJ PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS
AND MJKK AND/OR MSFJ PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR
FINANCIAL ADVICE, AND CREDIT RATINGS AND MJKK AND/OR MSFJ PUBLICATIONS ARE NOT AND DO
NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES.
NEITHER CREDIT RATINGS NOR MJKK AND/OR MSFJ PUBLICATIONS COMMENT ON THE SUITABILITY
OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MJKK AND MSFJ EACH ISSUES ITS CREDITRATINGS AND PUBLISHES MJKK AND/OR MSFJ PUBLICATIONS (AS APPLICABLE) WITH THE

EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWNSTUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE,HOLDING, OR SALE.

MJKK AND/OR MSFJ CREDIT RATINGS AND MJKK AND/OR MSFJ PUBLICATIONS ARE NOT INTENDED
FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TOCONSIDER MJKK AND/OR MSFJ CREDIT RATINGS OR MJKK AND/OR MSFJ PUBLICATIONS IN MAKINGANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHERPROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO,
COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE
REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED,REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN
WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSONWITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S
from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error aswell as other factors, however, all information contained herein is provided " AS IS" without warranty of any kind.
MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficientquality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party
sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate
information received in the rating process or in preparing MJKK and/or MSFJ Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors
and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses ordamages whatsoever arising from or in connection with the information contained herein or the use of or inability to
use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives,
licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limitedto: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial
instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors
and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity,
including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability
that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond thecontrol of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers,
arising from or in connection with the information contained herein or the use of or inability to use any suchinformation.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS,
MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER
OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER
WHATSOEVER.

MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by
Moody's Overseas Holdings Inc., a wholly-owned subsidiary of Moody's Corporation (MCO). MSFJ is a whollyowned credit rating agency subsidiary of Moody’s Japan K.K. MSFJ is not a Nationally Recognized Statistical
Rating Organization(" NRSRO"). Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. NonNRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will
not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2

and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate andmunicipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (asapplicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal
and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MCO, MJKK
and MSFJ also maintain policies and procedures to address the independence of MJKK and MSFJ's ratings andrating processes. Information regarding certain affiliations that may exist between directors of MCO and rated
entities, and between entities who hold ratings from MJKK or MSFJ (as applicable) and have also publicly reported
to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under theheading "Shareholder Relations - Corporate Governance - Director and Shareholder Affiliation Policy. "For Australia only: Any publication into Australia of this document is by MOODY'S affiliate, Moody's InvestorsService Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This
document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the
Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S
that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor theentity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within themeaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to thecreditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security
that is available to "retail clients". It would be dangerous for "retail clients" to make any investment decision basedon MOODY'S credit rating. If in doubt you should contact your financial or other professional adviser.