This report supplements our research update "Tokyo Metropolitan Government 'A+' Ratings Affirmed On Very Strong Economy And Budgetary Performance; Outlook Stable," published on Aug. 26, 2016. 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. S&P Global Ratings 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. As
