Moody's rates Japan Bank bonds Aa3

Moody's Japan K.K. said it assigned its Aa3 ratings to Japan Bank for International Cooperation (JBIC)'s $2.5 billion series 3 JBIC government-guaranteed global USD bond due 2018 and $1 billion series 4 JBIC government-guaranteed global USD bond due 2023.

The outlook is stable.

The Government of Japan guarantees the debt.

The Aa3 rating reflects Moody's view that JBIC has strong links with the government of Japan.

Moody's said it concludes that the creditworthiness of JBIC reflects that of the sovereign, given the integration of its mandate with the government's foreign economic policies and the high level of government oversight of its operations. As a result, Moody's adopted the same credit substitution approach for JBIC that it has for the 11 other government-related entities or "Zaitos" in Japan.

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