Three Japan Housing Finance Agency Bond Issuances Rated 'AA-' |
| 掲載日: 07-Feb-2012 14:23:57 JST |
TOKYO (Standard & Poor's) Feb. 7, 2012--Standard & Poor's Ratings Services today assigned its 'AA-' local currency long-term debt ratings to the following bonds issuances by Japan Housing Finance Agency (JHF; AA-/Negative/A-1+): ¥20.0 billion, 1.060%, 92nd nonguaranteed bonds due Dec. 20, 2021; ¥10.0 billion, 1.557%, 93rd nonguaranteed bonds due Dec. 18, 2026; and ¥18.0 billion, 1.882%, 94th nonguaranteed bonds due Feb. 13, 2032. We equalize the ratings on JHF with the ratings on Japan (AA-/Negative/A-1+), based on JHF's critical policy role as Japan's only government-supported entity specializing in housing loan operations and its integral link with the government. We expect JHF to receive ongoing government support under the Japan Housing Finance Agency Law. In addition to ongoing support provided to the entity in the form of guarantees, grants, and capital injections, we expect an "almost certain" likelihood of extraordinary support should such a need arise. On Jan. 20, 2012, the Cabinet of the government of Japan approved a road map for reform of the system governing independent administrative agencies, including JHF. The road map states that the government will identify the fundamental issues of JHF's existence by the end of fiscal 2011 (ending March 31, 2012) and reach a decision on how JHF should be by summer 2012. We will assess how reform of JHF would impact the ratings on the entity following the announcement of any detailed reform measures and our assessment of any rise in the likelihood that the government would implement such reforms. RELATED CRITERIA AND RESEARCH Principles Of Credit Ratings, Feb. 16, 2011 Rating Government-Related Entities: Methodology and Assumptions, Dec. 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 found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
| Primary Credit Analyst: | Kensuke Sugihara, Tokyo (81) 3-4550-8475; kensuke_sugihara@standardandpoors.com |
| Secondary Contact: | Takahira Ogawa, Singapore (65) 6239-6342; takahira_ogawa@standardandpoors.com |
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