TOKYO (Standard&Poor's) April 27, 2009--Standard&Poor's Ratings Services said today that its ratings on Shinsei Bank Ltd. (BBB+/Stable/A-2) and Aozora Bank Ltd. (BBB+/Stable/A-2) could be positively affected if reported plans that the two banks will merge materialize. The ratings on the two banks currently reflect their stand-alone credit assessments without factoring in potential government support. Standard&Poor's believes that a merger would not directly impact the stand-alone credit assessments on either bank due to limited synergy effects. However, we may increase the government support factor in our ratings on the banks if the merger materializes, as the importance of the merged entity in Japan's financial system would increase, in terms of factors such as an increase
