Corporate & Government Ratings & Research
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Media Contact: Kyota Narimatsu
Tel: (81) 3-4550 -8411
Fax: (81) 3-4550 -8740
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tokyo_pressroom@standardandpoors.com

S&P: Outlooks On Five Japanese Public Institutions Revised To Negative On Japan
Outlook Revision
・ Following the revision to negative from stable of the outlook on the sovereign rating on Japan, we reviewed theratings on a number of Japanese government-owned entities, including JFC, JICA, JEHDRA, JHF, and JFM.
・ We revised to negative from stable our outlooks on the long-term ratings on JFC, JICA, JEHDRA, JHF, andJFM.
・ The outlook revisions on these five entities primarily reflect the rating action on Japan, as these institutions areinevitably subject to the constraints posed by the credit quality of the sovereign.
Tokyo, Jan. 26, 2010--Standard & Poor's Ratings Services today said that it had revised to negative from stable
the outlooks on the long-term issuer credit ratings on Japan Finance Corporation (JFC, AA/A-1+), Japan
International Cooperation Agency (JICA, AA/A-1+), Japan Expressway Holding and Debt Repayment Agency(JEHDRA, AA/--), Japan Housing Finance Agency (JHF, AA/A-1+), and Japan Finance Organization forMunicipalities (JFM, AA/A-1+), following the outlook change on Japan (AA/Negative/A-1+). At the same time,Standard & Poor's affirmed its 'AA' long-term and 'A-1+' short-term issuer credit ratings on the five entities.
The outlook revisions on the five entities follows our revision today of the outlook on Japan (AA/Negative/A1+) to negative from stable (See Standard & Poor's media release "Outlook On Japan Revised To Negative On
Diminishing Economic Policy Flexibility; Ratings Affirmed At 'AA/A-1+'").
Although Standard & Poor's does not consider the standalone credit profile of these government-related entities(GREs) to have fundamentally changed, the ratings on GREs are susceptible to changes in the rating on thesovereign, according to the criteria we use to assess GRE credit quality. See "Enhanced Methodology And
Assumptions For Rating Government-Related Entities," published on June 29, 2009.
We also affirmed the long- and short-term issuer credit ratings on three other GREs: Development Bank ofJapan (DBJ, AA-/Stable/A-1+), Narita International Airport Corp. (NAA, AA-/Stable/A-1+), and INPEX Corp.
(A/Negative/A-1). The negative outlook on the long-term issuer rating on INPEX reflects potential deteriorationin the company's standalone credit profile from sizable anticipated capital investment requirements. As theratings on these three GREs are lower than the sovereign, they are not immediately affected by today's rating
action on the sovereign.

OUTLOOK ACTION; RATINGS AFFIRMEDTo
Japan Finance Corporation
AA/Negative/A-1+
Japan International Cooperation Agency
AA/Negative/A-1+
Japan Expressway Holding and Debt Repayment Agency AA/Negative/-Japan Housing Finance Agency
AA/Negative A-1+
Japan Finance Organization for Municipalities
AA/Negative/A-1+

From
AA/Stable/A-1+
AA/Stable/A-1+
AA/Stable/-AA/Stable/A-1+
AA/Stable/A-1+

RATINGS AFFIRMED
Development Bank of Japan
Narita International Airport Corp.
INPEX Corp.

AA-/Stable/A-1+
AA-/Stable/A-1+
A/Negative/A-1

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

Analytical Contact:
Kumiko Kakimoto, Tokyo(81) 3-4550-8705
kumiko_kakimoto@standardandpoors.com

Media Contact:
Kyota Narimatsu(81) 3-4550-8411
tokyo_pressroom@standardandpoors.com

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