TEXT-S&P:Narita International Airport's domestic bonds rated 'AA-'

(The following statement was released by the rating agency)

Sept 07 - Standard & Poor's Ratings Services today assigned its 'AA-' debt rating to Narita International Airport Corp.'s (NAA; AA-/Negative/A-1+) JPY10 billion series 12 domestic senior secured straight bonds, due Sept. 20, 2022. The bonds carry a coupon rate of 0.879%.

NAA owns and operates Narita International Airport. Standard & Poor's assesses the company's stand-alone credit profile (SACP), excluding any likelihood of extraordinary government support, to be 'a', owing to the company's "excellent" business risk profile and "intermediate" financial risk profile. The 'AA-' long-term corporate credit rating on NAA incorporates the SACP and our view that there is a "very high" likelihood that the government of Japan (AA-/Negative/A-1+) would extend timely and sufficient extraordinary support to NAA if it were to suffer financial distress.

RELATED CRITERIA AND RESEARCH

General Criteria: Principles Of Credit Ratings, Feb. 16, 2011

General Criteria: Rating Government-Related Entities: Methodology And Assumptions, Dec. 9, 2010

Corporate Ratings Criteria 2008, April 15, 2008