Moody's assigns A1 to JBIC's USD gov't-guaranteed bonds

Moody's Japan K.K. has assigned rating of A1 to total of USD 2.5 billion bonds due 2020 and 2025 issued by Japan Bank for International Cooperation (JBIC). The rating outlook is stable.

The debts are guaranteed by the Government of Japan.

The specific debt issues rated are:

o USD 1 billion Fixed Rate bonds, Series 11 JBIC Government-Guaranteed Global USD Bond due 2020

o USD 1.5 billion Fixed Rate bonds, Series 12 JBIC Government-Guaranteed Global USD Bond due 2025

RATINGS RATIONALE

The A1 rating for JBIC reflects Moody's view that its strong links with the government of Japan (A1, Stable).

Moody's 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.

The law establishing JBIC stipulates that the central government shall hold all of its shares, ensuring continued 100% ownership.

The law also has provisions for strong financial support from the central government, which can be provided through capital injections, loans from the government, and issuances of government-guaranteed debt.

JBIC's budgets are the internal part of the National Budget. Budget must be approved by the Diet. The significant degree of government involvement in the development of JBIC's business plan, budget, and formulation and implementation of its major policies, is further evidence of the strong ties between the two entities.

The principal methodology used in these ratings was Government-Related Issuers (Japanese) published in November 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Japan Bank for International Cooperation, headquartered in Tokyo, is incorporated under the Japan Bank for International Cooperation Act, and is wholly owned by the Japanese government.