This report supplements our media release "Tokyo Metropolitan Government 'A+' Ratings Affirmed; Outlook Still Stable," published on Aug. 22, 2017. 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 primarily reflect its very wealthy economy. This combined with its capacity for strong and stable financial management leads us to believe TMG will continue to benefit from solid revenues and a very strong budgetary surplus that also enable it to build robust reserves and reduce outstanding debt. While we regard the institutional framework in which TMG operates as favorable
