S&P rates JBIC bonds AA-

Standard & Poor's said it assigned an AA- long-term foreign-currency ratings to the following two government-guaranteed bonds issued by Japan Bank for International Cooperation, including its $2 billion 1.75% due Nov. 13, 2018 and $500 million floating-rate bonds due Nov 13, 2018.

The ratings on the bonds reflect the irrevocable and unconditional guarantee of the government of Japan, S&P said.

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

The bank's critical role reflects its public policy mandate to extend financing to maintain and improve the international competitiveness of Japanese industries, S&P said.

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

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