JAPAN: MOODY'S ASSIGNS AAA TO JAPAN EXPRESSWAY HOLDING & DEBT REPAYMENT AGENCY DEBT.

IPR Strategic Business Information Database, September, 2007

Moody's Investors Service has assigned its Aaa rating to the Series 24 Yen 70 billion 2.79% senior secured bonds, due 2047, issued by Japan Expressway Holding and Debt Repayment Agency (JEHDRA). The rating outlook is stable. The rating reflects JEHDRA's intrinsic strength - including Moody's expectation the favorable legal and regulatory framework will continue, contributing to its low operating and refinancing risks - and the credit support which Moody's believes the government would provide in a stressful situation.

JEHDRA is owned by the government, which has a local currency deposit ceiling of Aaa. Moody's assesses JEHDRA's underlying credit strength as "6" - equivalent to an A2 on Moody's global rating scale. The assessment also considers the highly...

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