Moody's gives Norinchukin debenture A1

Moody's Japan K.K. said it assigned an A1 rating to Norinchukin Bank's ¥53 billion series 760 senior unsecured debenture due 2018.

The outlook is stable.

Moody's said the A1 ratings of Norinchukin Bank incorporate: (a) the bank's C- standalone bank financial strength rating, which maps to baa1 on the long-term scale; and (b) Moody's assessment of the "very high" probability of systemic support, given the bank's importance as the central financial organization for Japan's agricultural, forestry, and fishery cooperatives and the prefectural banking federations of agricultural cooperatives.

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