Moody's gives Norinchukin bonds A1

Moody's Japan K.K. has assigned an A1 rating to the Norinchukin Bank's ¥53 billion series 762 senior unsecured debenture due 2018

The outlook is stable.

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 (shinnoren).

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