S&P rates Development Bank of Japan notes AA-

Standard & Poor's said it assigned an AA- debt rating to the $1 billion 1% government-guaranteed notes due Jan. 22, 2018 issued by Development Bank of Japan Inc.

The rating on the notes reflects the unconditional and irrevocable guarantee of the government of Japan, S&P said.

The A+ and A-1 ratings on the bank reflect its status as a government-related entity and a financial institution that is 100% owned by the government, the agency said, as well as an assessment of its stand-alone credit profile, which excludes the factor of government support in a time of need.

Because of its critical policy role, S&P said it believes the bank has an extremely high likelihood of receiving extraordinary support from the government of Japan.

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