Ratings On 12 Japanese Financial Entities And One Foreign Subsidiary Bank Lowered Following Downgrade Of Japan

We reviewed our ratings on Japan's five major banking groups and cooperative financial institutions as well as a foreign subsidiary bank, State Street Trust and Banking, following our sovereign downgrade of Japan to 'A+'. We are downgrading a total of 12 Japanese financial entities. We are lowering to 'A' from 'A+' our long-term counterparty credit ratings on Sumitomo Mitsui Financial Group's major banks and its "core" subsidiaries, Mizuho Financial Group's major banks and its "core" subsidiary, Sumitomo Mitsui Trust Bank and its "core" subsidiary, Norinchukin Bank, and Shinkin Central Bank. We had previously factored one notch of uplift for the likelihood of government support into our ratings on these financial institutions. However, the sovereign downgrade has erased the margin of

...(Editor's Note: In the following article, originally published Sept. 17, 2015, the ratings on Mizuho Financial Group Inc. that were listed in the "From" column under "Ratings List" were misstated. A corrected version follows.) + We reviewed our ratings on Japan's five major banking groups and cooperative financial institutions as well as a foreign subsidiary bank, State Street Trust and Banking, following our sovereign downgrade of Japan to 'A+'. + We are downgrading a total of 12 Japanese financial entities. We are lowering to 'A' from 'A+' our long-term counterparty credit ratings on Sumitomo Mitsui Financial Group's major banks and its "core" subsidiaries, Mizuho Financial Group's major banks and its "core" subsidiary, Sumitomo Mitsui Trust Bank and its "core" subsidiary, Norinchukin Bank, and Shinkin Central Bank. We had previously factored one notch of uplift for the likelihood of government support into our ratings on these financial institutions. However, the sovereign downgrade...

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