This report supplements our media release "Tokyo Metropolitan Government 'A+' Rating Affirmed; Outlook Remains Positive," published on Aug. 20, 2018. 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 rating on Tokyo Metropolitan Government (TMG) primarily reflects 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
