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S&P rates Mizuho Group bonds BBB+
Standard & Poor's said it assigned its BBB+ issue rating to the $1.5 billion 10-year subordinated bonds issued by Mizuho Financial Group (Cayman) 3 Ltd., a wholly owned subsidiary of Mizuho Financial Group Inc. (A/negative/--).
This will be the first issuance of subordinated bonds with a write-down clause by the Mizuho group, or by any Japanese banking group. S&P understands that the bonds will be compliant with tier 2 capital under Basel III.
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