Outlooks On Six Japan Government-Related Entities
Revised Down To Stable Following Similar Action OnSovereign
June 10, 2020
- We reviewed our ratings on six Japanese government-related entities after revising down tostable our outlook on Japan.

PRIMARY CREDIT ANALYST- We believe the relationships between the six entities and the Japanese government remainunchanged.

Tokyo- We are revising the outlooks on the six entities to stable from positive and affirming our issuer
credit ratings on them.

Satoru Matsumoto(81) 3-4550-8673
satoru.matsumoto@spglobal.com
SECONDARY CONTACT
Toshihiro Matsuo

TOKYO (S&P Global Ratings) June 10, 2020--S&P Global Ratings today said it that has revised tostable from positive the outlooks on Japan Bank for International Cooperation (JBIC), Japan
International Cooperation Agency (JICA), Japan Housing Finance Agency (JHF), Deposit Insurance
Corp. of Japan (DICJ), Japan Finance Organization for Municipalities (JFM), and Development
Bank of Japan Inc. (DBJ). At the same time, we have affirmed our issuer credit ratings on theseentities (see list below).

Tokyo(81) 3-4550-8225
toshihiro.matsuo@spglobal.com

The downward outlook revisions on the six entities follow a similar action on the long-termsovereign credit rating on Japan (see "Japan Outlook Revised To Stable On Increased Uncertainty
Around Debt Stabilization; 'A+/A-1' Ratings Affirmed," published June 9, 2020).
We continue to assess the likelihood of extraordinary government support for JBIC, JICA, JHF, andDICJ as almost certain. We also maintain our assessments that the likelihood of the government
extending extraordinary support to JFM and DBJ is extremely high.
The stable outlooks on the six entities reflect the stable outlook on our sovereign credit rating on
Japan and our view that their likelihood of receiving extraordinary government support is unlikely
to change in the next two to three years. We could upgrade the six entities if we raise our sovereign
credit rating on Japan. Conversely, we could lower the ratings on the six entities if we downgrade
Japan.
S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peakof the coronavirus outbreak. Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic and credit implications. We
believe the measures adopted to contain COVID-19 have pushed the global economy intorecession (see our macroeconomic and credit updates here: www.spglobal.com/ratings). As thesituation evolves, we will update our assumptions and estimates accordingly.

www.spglobal.com/ratingsdirect

June 10, 20201

Outlooks On Six Japan Government-Related Entities Revised Down To Stable Following Similar Action On Sovereign

Related Criteria- Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017
- Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015
- Use Of CreditWatch And Outlooks, Sept. 14, 2009
- Public-Sector Funding Agencies: Methodology And Assumptions, May 22, 2018
- Risk-Adjusted Capital Framework Methodology, July 20, 2017
- Group Rating Methodology, July 1, 2019- Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions, July 17, 2013
- Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011
- Banks: Rating Methodology And Assumptions, Nov. 9, 2011
- Commercial Paper I: Banks, March 23, 2004

Related Research- Japan Outlook Revised To Stable On Increased Uncertainty Around Debt Stabilization; 'A+/A-1'
Ratings Affirmed, June 9, 2020

Ratings List
Ratings List
Outlook Action; Ratings Affirmed
To

From

A+/Stable/A-1

A+/Positive/A-1

A+/Stable/A-1

A+/Positive/A-1

A+/Stable/A-1

A+/Positive/A-1

A+/Stable/--A+/Positive/--

A+/Stable/A-1

A+/Positive/A-1

A/Stable/A-1

A/Positive/A-1

Japan Bank for International Cooperation
Issuer Credit Rating
Japan International Cooperation Agency
Issuer Credit Rating
Japan Housing Finance Agency
Issuer Credit Rating
Deposit Insurance Corp. of Japan*Issuer Credit Rating |U~Japan Finance Organization for Municipalities
Issuer Credit Rating
Development Bank of Japan Inc.
Issuer Credit Ratingwww.spglobal.com/ratingsdirect

June 10, 20202

Outlooks On Six Japan Government-Related Entities Revised Down To Stable Following Similar Action On Sovereign

Ratings List (cont.)|U~ Unsolicited ratings with no issuer participation, and/or no access to internal documents, and/or no access to management. *The rating onDICJ is unsolicited. This unsolicited rating was initiated by a party other than the Issuer (as defined in S&P Global Ratings' policies). It may bebased solely on publicly available information and may or may not involve the participation of the Issuer and/or access to the Issuer's internal
documents. S&P Global Ratings has used information from sources believed to be reliable based on standards established in our policies andprocedures, but does not guarantee the accuracy, adequacy, or completeness of any information used.

A Japanese-language version of this media release is available on S&P Global Research Online atwww.researchonline.jp, or via CreditWire Japan on Bloomberg Professional at SPCJ <GO>. Certain terms used in thisreport, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings
ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings
Criteria at www.standardandpoors.com for further information. Complete ratings information is available tosubscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P
Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

www.spglobal.com/ratingsdirect

June 10, 20203

Outlooks On Six Japan Government-Related Entities Revised Down To Stable Following Similar Action On Sovereign

Copyright © 2020 by Standard & Poor’s Financial Services LLC. All rights reserved.
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any
part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database orretrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The
Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers,shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of theContent. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results
obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is”
basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OFMERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THATTHE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARECONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive,special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits andopportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of suchdamages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are
expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are notrecommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of anysecurity. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on
and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making
investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While
S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due
diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasonsthat are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on acredit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction forcertain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole
discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment aswell as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of theirrespective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P
has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with eachanalytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors.
S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites,www.standardandpoors.com (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means,including via S&P publications and third-party redistributors. Additional information about our ratings fees is available atwww.standardandpoors.com/usratingsfees.
STANDARD & POOR’S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor’s Financial Services LLC.

www.spglobal.com/ratingsdirect

June 10, 20204