S&P rates Development Bank of Japan bonds A+

Standard & Poor's said it assigned A+ debt ratings to the 32nd and 33rd series of unsecured straight bonds issued by Development Bank of Japan Inc.

The ratings reflect its status as a government-related entity and a financial institution that is 100% owned by the government, as well as an assessment of its stand-alone credit profile, which excludes the factor of government support in a time of need, S&P said.

Because of its critical policy role, the agency said it believes the bank has an extremely high likelihood of receiving extraordinary support from the government of Japan, the agency said.

Based on its policy role and with its strong business base, the bank has a track record of extending investment and financing expertise in areas such as community development and revitalization, environmental conservation and technological innovation, S&P said.

The bank has also instituted emergency measures to deal with the global financial and economic crisis, the agency said, and disasters including the 2011 earthquake.

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