Moody's rates Shizuoka convertibles Aa3

Moody's Japan K.K. said it assigned an Aa3 rating to the $500 million zero coupon euro-dollar convertible bonds with stock acquisition rights issued by Shizuoka Bank, Ltd.

The outlook is stable.

Moody's said the Aa3 long-term debt rating of Shizuoka Bank incorporates: (a) Its bank financial strength rating of C+ (baseline credit assessment of A2); and (b) Moody's assessment that the systemic support probability for Shizuoka Bank is "very high," given that the bank is the largest in Shizuoka Prefecture and is therefore indispensable to the local economy.

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