If the planned merger between Aozora Bank and Shinsei Bank materializes, the likelihood of government support being extended to the merged bank may increase, due to the bank's greater size and importance to the Japanese financial system. The long-term ratings on the banks remain on CreditWatch with positive implications. We will continue to scrutinize the stand-alone ratings on the banks, which exclude possible government support in the event of an emergency, as well as the likelihood of government support. We will remove the ratings from CreditWatch when the likelihood of the planned merger increases. TOKYO (Standard&Poor's) Nov. 30, 2009--Standard&Poor's Ratings Services said today that its 'BBB+' long-term counterparty credit rating on Aozora Bank Ltd. and its
