Outlooks On Seven Japanese Government-Related
Entities Revised Upward To Positive Following
Similar Action On Sovereign
Primary Credit Analyst:
Kensuke Sugihara, Tokyo (81) 3-4550-8475; kensuke.sugihara@spglobal.com
Secondary Contacts:
Toshihiro Matsuo, Tokyo (81) 3-4550-8225; toshihiro.matsuo@spglobal.com
Satoru Matsumoto, Tokyo (81) 3-4550-8673; satoru.matsumoto@spglobal.com
Roko Izawa, Tokyo (81) 3-4550-8674; roko.izawa@spglobal.com• We reviewed our ratings on seven Japanese government-related entities
after revising upward to positive our outlook on the sovereign rating onJapan.
• We believe the relationships between the seven entities and the Japanese
government remain unchanged.
• We are revising the outlooks on the seven entities to positive fromstable and affirming our issuer credit ratings on them.

TOKYO (S&P Global Ratings) April 16, 2018--S&P Global Ratings today said itthat has revised to positive from stable the outlooks on Japan Bank forInternational Cooperation (JBIC), Japan International Cooperation Agency(JICA), Japan Housing Finance Agency (JHF), Deposit Insurance Corp. of Japan(DICJ), Japan Finance Organization for Municipalities (JFM), Development Bankof Japan Inc. (DBJ), and Narita International Airport Corp. (NAA). At the sametime, we have affirmed our issuer credit ratings on these entities (see listbelow). The upward outlook revisions on the seven entities follow a similaraction on the long-term sovereign rating on Japan (see "Japan Outlook Revised
To Positive As Stronger Economy Sets The Stage For Fiscal Improvement;'A+/A-1' Ratings Affirmed," published April 13, 2018).
We continue to assess the likelihood of extraordinary government support forJBIC, JICA, JHF, and DICJ as almost certain. We also kept our assessments ofWWW.STANDARDANDPOORS.COM/RATINGSDIRECTAPRIL 16, 2018 1

Outlooks On Seven Japanese Government-Related Entities Revised Upward To Positive Following Similar Action
On Sovereign

the likelihood of the government extending extraordinary support to JFM andDBJ as extremely high. In addition, our assessment of the likelihood ofextraordinary support for NAA remains as very high.
The positive outlooks on the seven entities reflect: the positive outlook on
our sovereign rating on Japan; and our view that their likelihood of receiving
extraordinary government support is unlikely to change in the next two tothree years. We could upgrade the seven entities if we raise our sovereign
rating on Japan. Conversely, we could lower the ratings or revise downward theoutlooks on the seven entities if we lower our rating or revise downward theoutlook on Japan.
RATINGS LIST
Outlook Actions; Ratings Affirmed
To
Japan Bank for International Cooperation
Issuer Credit Rating
A+/Positive/A-1

FromA+/Stable/A-1

Japan International Cooperation Agency
Issuer Credit Rating

A+/Positive/A-1

A+/Stable/A-1

Japan Housing Finance Agency
Issuer Credit Rating

A+/Positive/A-1

A+/Stable/A-1

Deposit Insurance Corp. of Japan*Issuer Credit Rating |U

A+/Positive/--

A+/Stable/--Japan Finance Organization for Municipalities
Issuer Credit Rating
A+/Positive/A-1

A+/Stable/A-1

Development Bank of Japan Inc.
Issuer Credit Rating

A/Positive/A-1

A/Stable/A-1

Narita International Airport Corp.
Issuer Credit Rating

A+/Positive/A-1

A+/Stable/A-1|UUnsolicited ratings.

*The rating on DICJ is unsolicited. This unsolicited rating was initiated by aparty other than the Issuer (as defined in S&P Global Ratings' policies). It
may be based 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 bereliable based on standards established in our policies and procedures, butdoes not guarantee the accuracy, adequacy, or completeness of any information
used.

RELATED CRITERIA

WWW.STANDARDANDPOORS.COM/RATINGSDIRECTAPRIL 16, 2018 2

Outlooks On Seven Japanese Government-Related Entities Revised Upward To Positive Following Similar ActionOn Sovereign• Risk-Adjusted Capital Framework Methodology, July 20, 2017
• Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017
• Rating Government-Related Entities: Methodology And Assumptions, March25, 2015
• Quantitative Metrics For Rating Banks Globally: Methodology AndAssumptions, July 17, 2013
• Banking Industry Country Risk Assessment Methodology And Assumptions,Nov. 9, 2011
• Banks: Rating Methodology And Assumptions, Nov. 9, 2011
• Use Of CreditWatch And Outlooks, Sept. 14, 2009
• Rating Finance Companies, March 18, 2004
• Commercial Paper I: Banks, March 23, 2004
• Guarantee Criteria, Oct. 21, 2016
• Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018
• Corporate Methodology, Nov. 19, 2013
• Corporate Methodology: Ratios And Adjustments, Nov. 19, 2013
• Methodology And Assumptions: Liquidity Descriptors For Global CorporateIssuers, Dec. 16, 2014
• Key Credit Factors For The Transportation Infrastructure Industry, Nov.
19, 2013• Methodology: Industry Risk, Nov. 19, 2013
• Methodology: Management And Governance Credit Factors For CorporateEntities And Insurers, Nov. 13, 2012
• Group Rating Methodology, Nov. 19, 2013
• Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013

RELATED RESEARCH• Japan Outlook Revised To Positive As Stronger Economy Sets The Stage For
Fiscal Improvement; 'A+/A-1' Ratings Affirmed, April 13, 2018

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

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