S&P rates JBIC bonds AA-

Standard & Poor's said it assigned an AA- long-term foreign-currency ratings to the $2.5 billion 1.75% government-guaranteed bonds due July 31, 2018 and $1 billion 3.375% government-guaranteed bonds due July 31, 2023 issued by Japan Bank for International Cooperation (JBIC).

The ratings 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.

JBIC'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, S&P said.

The ratings also consider its integral link with the government, including full ownership, funding support and management supervision, the agency said.

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