S&P Global Ratings' stable outlook on JHF reflects that on Japan (A+/Stable/A-1). We consider our sovereign credit ratings and outlook on Japan to influence our ratings on the agency. We may downgrade JHF if we lower our sovereign credit ratings on Japan. In addition, we may consider lowering our ratings on JHF if the agency's current integral role within Japan's public-policy framework or its integral links with the government change. We may upgrade our ratings on the agency if we raise our sovereign ratings on Japan. We regard JHF as a government-related entity that would benefit from an almost certain likelihood of extraordinary government support if under stress, based on our views of the agency below. It plays a critical
