TOKYO (Standard&Poor's) Dec. 26, 2008--Standard&Poor's Ratings Services today revised to negative from stable the outlook on its 'A-' long-term counterparty rating on Aozora Bank Ltd. The outlook revision reflects Standard&Poor's view that financing conditions are worsening due to the recent global financial market turmoil, and that Aozora Bank's profitability and asset quality are under increasing downward pressure due to a deteriorating business environment. At the same time, we affirmed our 'A-' long-term and 'A-2' short-term counterparty ratings on the bank, as well as our 'A-' rating on Aozora Bank's long-term senior unsecured debt. We also affirmed our 'B' bank fundamental strength rating on Aozora Bank. The financing environment for financial institutions is deteriorating due
