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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's Ratings Services today assigned its 'A+' debt rating to the U.S. dollar-denominated senior notes issued by Mizuho Corporate Bank Ltd. (A+/Negative/A-1) (see list below).

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

Mizuho FG has maintained a solid domestic franchise as Japan's second-largest bank in terms of consolidated total assets, which leads us to our "strong" assessment of its business position. The group's strength lies in its intensive network in metropolitan areas as well as a broad range of services including investment banking, international operations, and asset management. We view Mizuho FG's capital and earnings as "moderate" compared to its peers, based on our expectations that the risk-adjusted capital ratio will improve but remain below 7% over the next two years. Our risk position assessment for Mizuho FG is "adequate." We expect the volume and performance of Mizuho FG's loan portfolio to remain stable. Mizuho FG's funding, which mainly comes from deposits, is stable and its reliance on wholesale funding is low. Its liquidity position is "strong," in our opinion, given its sizable amount of 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 And Assumptions, Nov. 9, 2011

Keywords: MARKETS RATINGS MIZUHOCORPORATEBANK