(The following was released by the rating agency)
TOKYO (Standard & Poor's) Oct. 11, 2012--Standard & Poor's
Ratings Services today assigned its 'A+' debt rating to the U.S.
dollar-denominated senior notes issued by Mizuho Corporate Bank
Ltd. (A+/Negative/A-1) (see list below).
The ratings on Mizuho Corporate Bank reflect its financial
profile on a consolidated basis, in addition to the consolidated
financial profile and market position of its parent, Mizuho
Financial Group Inc. (Mizuho FG; A/Negative/--). The ratings
also acknowledge Mizuho Corporate Bank's close business links
with affiliated group companies and Mizuho FG's control of the
group's organizational structure and capital allocation.
Mizuho FG has maintained a solid domestic franchise as
Japan's second-largest bank in terms of consolidated total
assets, which leads us to our "strong" assessment of its
business position. The group's strength lies in its intensive
network in metropolitan areas as well as a broad range of
services including investment banking, international operations,
and asset management. We view Mizuho FG's capital and earnings
as "moderate" compared to its peers, based on our expectations
that the risk-adjusted capital ratio will improve but remain
below 7% over the next two years. Our risk position assessment
for Mizuho FG is "adequate." We expect the volume and
performance of Mizuho FG's loan portfolio to remain stable.
Mizuho FG's funding, which mainly comes from deposits, is stable
and its reliance on wholesale funding is low. Its liquidity
position is "strong," in our opinion, given its sizable amount
of highly liquid assets, such as cash and government bonds.
U.S. dollar-denominated senior notes: $1.5 bil., 1.55%,
due Oct. 17, 2017
U.S. dollar-denominated senior notes: $1 bil., 2.950%,
due Oct. 17, 2022
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