TEXT-S&P: Mizuho Corporate Bank's USD Senior Notes Rated 'A+'


(The following was released by the rating agency)

TOKYO (Standard & Poor's) Oct. 11, 2012--Standard & Poor'sRatings Services today assigned its 'A+' debt rating to the U.S.dollar-denominated senior notes issued by Mizuho Corporate BankLtd. (A+/Negative/A-1) (see list below).

The ratings on Mizuho Corporate Bank reflect its financialprofile on a consolidated basis, in addition to the consolidatedfinancial profile and market position of its parent, MizuhoFinancial Group Inc. (Mizuho FG; A/Negative/--). The ratingsalso acknowledge Mizuho Corporate Bank's close business linkswith affiliated group companies and Mizuho FG's control of thegroup's organizational structure and capital allocation.

Mizuho FG has maintained a solid domestic franchise asJapan's second-largest bank in terms of consolidated totalassets, which leads us to our "strong" assessment of itsbusiness position. The group's strength lies in its intensivenetwork in metropolitan areas as well as a broad range ofservices including investment banking, international operations,and asset management. We view Mizuho FG's capital and earningsas "moderate" compared to its peers, based on our expectationsthat the risk-adjusted capital ratio will improve but remainbelow 7% over the next two years. Our risk position assessmentfor Mizuho FG is "adequate." We expect the volume andperformance of Mizuho FG's loan portfolio to remain stable.Mizuho FG's funding, which mainly comes from deposits, is stableand its reliance on wholesale funding is low. Its liquidityposition is "strong," in our opinion, given its sizable amountof highly liquid assets, such as cash and government bonds.

RATINGS LIST Ratings Assigned Issue Rating U.S. dollar-denominated senior notes: $1.5 bil., 1.55%, due Oct. 17, 2017 A+ U.S. dollar-denominated senior notes: $1 bil., 2.950%, due Oct. 17, 2022 A+ RELATED CRITERIA AND RESEARCH BICRA On Japan Maintained At Group '2', Nov. 9, 2011 Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Group Rating Methodology And Assumptions, Nov. 9, 2011

Banking Industry Country Risk Assessments Methodology AndAssumptions, Nov. 9, 2011