This report supplements our media release "Japan's Aichi, Osaka, And Yokohama Downgraded To 'A+/A-1', Tokyo To 'A+', After Sovereign Downgrade; Outlooks Stable," published on Sept. 17, 2015. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. Our ratings on TMG reflect its very strong economy, very strong budgetary performance, and exceptional liquidity. Standard&Poor's deems the institutional framework in which TMG operates to be very predictable and well-balanced. Strong financial management, strong budgetary flexibility, and low contingent liabilities also contribute to the ratings. Tempering these strengths is TMG's high debt burden.
