S&P rates Japan Bank bonds AA-

Standard & Poor's said it assigned an AA- long-term foreign-currency rating to the $2 billion 1.125% government-guaranteed bonds due July 19, 2017 issued by Japan Bank for International Cooperation.

The rating on the bonds reflects the irrevocable and unconditional guarantee of the government of Japan, the agency said.

The ratings are equalized with those on Japan, based on a view that the bank has an almost certain likelihood of receiving extraordinary government support in a time of need, S&P said.

The bank's critical role reflects its public policy mandate to extend financing to maintain and improve the international competitiveness of Japanese industries, develop and acquire natural resources and serve international finance operations that contribute to the sound development of the Japanese and international economy, the agency said.

The ratings also reflect the bank's integral link with the government, including full ownership, funding support and management supervision, S&P said.

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