January 27, 2011

Six Japanese Public Institutions Downgraded
Following Japan Sovereign Action; Outlooks
StablePrimary 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
Takahira Ogawa, Singapore (65) 6239-6342; takahira_ogawa@standardandpoors.com• Following the lowering of the sovereign rating on Japan, we reviewed theratings on a number of Japanese government-related entities.
• We lowered the long-term ratings on JFC, JICA, JEHDRA, JHF, and JFM to'AA-' from 'AA'. The outlooks are stable.
• We lowered the long-term rating on DBJ to 'A+' from 'AA-' and affirmed
the 'A-1+' short-term rating. The outlook is stable.
TOKYO (Standard & Poor's) Jan. 27, 2011--Standard & Poor's Ratings Services
today said that it had lowered 'AA-' from 'AA' its long-term issuer credit anddebt ratings on Japan Finance Corp. (JFC), Japan International Cooperation
Agency (JICA), Japan Expressway Holding and Debt Repayment Agency (JEHDRA),
Japan Housing Finance Agency (JHF), and Japan Finance Organization for
Municipalities (JFM). The outlooks are stable. At the same time, we lowered
the long-term issuer credit and debt ratings on Development Bank of Japan(DBJ) by one notch to 'A+' from 'AA-' and affirmed the short-term issuer
credit rating at 'A-1+'. The ratings on debt guaranteed by the Japanese
government were lowered to 'AA-' from 'AA'. The outlook is stable.
The rating actions on the six entities follow our lowering of the long-term
rating on Japan (AA-/Stable/A-1+). See the media release "Ratings On Japan
Lowered To 'AA-'; Outlook Stable," published Jan. 27, 2011.
The ratings on the six entities are based on Standard & Poor's criteria for
rating government-related entities (GREs). The differences in rating actions
are due to differences in the standalone credit profiles of these GREs, andwww.standardandpoors.com/ratingsdirect

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Six Japanese Public Institutions Downgraded Following Japan Sovereign Action; Outlooks Stable

our assessment of the likelihood of extraordinary support from the government.
The rating action on the long-term issuer credit rating on DBJ also followsthese criteria. DBJ's policy role has been expanding due to the weak economy,
however there have been no definite changes to its privatization plan.

RATINGS LOWERED; OUTLOOK REVISION
ToFromJapan Finance Corporation
AA-/Stable/A-1+
AA/Negative/A-1+
Japan International Cooperation Agency
AA-/Stable/A-1+
AA/Negative/A-1+
Japan Expressway Holding and Debt Repayment Agency
AA-/Stable/-AA/Negative/-Japan Housing Finance Agency
AA-/Stable/A-1+
AA/Negative/A-1+
Japan Finance Organization for Municipalities
AA-/Stable/A-1+
AA/Negative/A-1+
RATINGS LOWEREDDevelopment Bank of Japan Inc.
A+/Stable/A-1+

AA-/Stable/A-1+

RELATED RESEARCH AND CRITERIA"Principles Of Corporate And Government Ratings," published June 26, 2007.
"Rating Government-Related Entities: Methodology and Assumptions," publishedDec 9, 2010
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
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 theRatings search box located in the left column.

Standard & Poor’s | RatingsDirect on the Global Credit Portal | January 27, 2011

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