April 27, 2011

Outlooks Revised To Negative On Six Japanese
Public Institutions Following Sovereign Outlook
Revision
Primary Credit Analyst:
Kensuke Sugihara, Tokyo (81) 3-4550-8475; kensuke_sugihara@standardandpoors.com
Secondary Contacts:
Kumiko Kakimoto, Tokyo (81) 3-4550-8705; kumiko_kakimoto@standardandpoors.com
Kiyoko Ohora, Tokyo (1) 81 3-4550-8704; kiyoko_ohora@standardandpoors.com
Hiroki Shibata, Tokyo (81) 3-4550-8437; hiroki_shibata@standardandpoors.com
Takahira Ogawa, Singapore (65) 6239-6342; takahira_ogawa@standardandpoors.com• We reviewed the ratings on a number of Japanese government-related
entities following the revision to negative from stable of the outlook onthe sovereign rating on Japan.
• We revised to negative from stable our outlooks on the long-term ratings
on JFC, JICA, JEHDRA, JHF, JFM, and NAA. We affirmed the long-term
ratings on DBJ.
TOKYO (Standard & Poor's) April 27, 2011--Standard & Poor's Ratings Services
today said that it had revised to negative from stable the outlooks on thelong-term issuer credit ratings on Japan Finance Corp. (JFC), JapanInternational 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 (NAA).
At the same time, Standard & Poor's affirmed its 'AA-' long-term and 'A-1+'
short-term issuer credit ratings on the six entities. We also affirmed thelong- and short-term issuer credit ratings on Development Bank of Japan (DBJ),
the outlook on which is stable.
The outlook revisions on the six entities follow our revision today tonegative from stable of the outlook on the long-term rating on Japan(AA-/Negative/A-1+). See the research update " Outlook On Japan Sovereign
Credit Rating Revised To Negative; Ratings Affirmed At 'AA-/A-1+'," publishedApril 27, 2011.

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Outlooks Revised To Negative On Six Japanese Public Institutions Following Sovereign Outlook Revision

The ratings on the seven entities are based on Standard & Poor's criteria for
rating government-related entities (GREs). Standard & Poor's does not consider
the stand-alone credit profile or our assessment of the likelihood of
extraordinary support from the government to these GREs to have fundamentallychanged. The rating actions on these GREs, excluding DBJ, are susceptible tochanges in the rating on the sovereign, according to the criteria we use toassess GRE credit quality. See "Rating Government-Related Entities:
Methodology and Assumptions," published Dec. 9, 2010.
The long-term issuer rating on DBJ is one notch lower than the long-termsovereign rating on Japan, given that it is in the process of being
privatized. Following the earthquake and tsunami of March 11, 2011, thegovernment intends to extend the target date for completion of its full reviewof the government's shareholding in and organization of the privatized DBJ toMarch 31, 2015. At this point, Standard & Poor's believes that the revision ofthe outlook on the sovereign rating will not directly affect the outlook on
the rating on DBJ. As such, we affirmed our ratings on DBJ and maintained theoutlook at stable.

OUTLOOK REVISIONS; RATINGS AFFIRMED;
To

From

Japan Finance Corp.
AA-/Negative/A-1+
AA-/Stable/A-1+
Japan International Cooperation Agency
AA-/Negative/A-1+
AA-/Stable/A-1+
Japan Expressway Holding and Debt Repayment Agency
AA-/Negative/-AA-/Stable/-Japan Housing Finance Agency
AA-/Negative/A-1+
AA-/Stable/A-1+
Japan Finance Organization for Municipalities
AA-/Negative/A-1+
AA-/Stable/A-1+
Narita International Airport
AA-/Negative/A-1+
AA-/Stable/A-1+

RATINGS AFFIRMED
Development Bank of Japan

A+/Stable/A-1

RELATED RESEARCH AND CRITERIA"Principles Of Credit Ratings," published Feb. 16, 2011.
"Rating Government-Related Entities: Methodology and Assumptions," publishedDec. 9, 2010
"Corporate Ratings Criteria 2008," published April 15, 2008.
A Japanese-language version of this media release is available on Standard &Poor's Research Online at www.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

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Outlooks Revised To Negative On Six Japanese Public Institutions Following Sovereign Outlook Revisionwww.globalcreditportal.com and RatingsDirect subscribers atwww.ratingsdirect.com. All ratings affected by this rating action can be foundon Standard & Poor's public Web site at www.standardandpoors.com. Use theRatings search box located in the left column.

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