We reviewed our issuer credit ratings on TMG, Aichi, and Osaka following our revision to stable from positive of the outlook on the long-term sovereign credit rating on Japan. We do not believe the ratings on the three LRGs will exceed the sovereign credit rating on Japan, because we think the creditworthiness of Japanese local and regional governments would be strongly affected under a stress scenario in which the sovereign were to default on its debt. We are revising down to stable from positive our outlooks on the long-term issuer credit ratings on TMG, Aichi, and Osaka. We are affirming our issuer credit ratings on the three LRGs. TOKYO (S&P Global Ratings) June 10, 2020--S&P Global Ratings today said it
