Bond and Credit ratings

Credit rating

Institution Name Rating Comments on Rating (excerpt)
Rating and Investment Information, Inc. (R&I) A+[Stable] High creditworthiness supported by a few excellent factors.
Japan Credit Rating Agency, Ltd. (JCR) AA-p[Stable] A very high level of certainty to honor the financial obligations

Rating and Investment Information, Inc. (R&I) rating definitions

AAA Highest creditworthiness supported by many excellent factors.
AA Very high creditworthiness supported by some excellent factors.
A High creditworthiness supported by a few excellent factors.
BBB Creditworthiness is sufficient, though some factors require attention in times of major environmental changes.
BB Creditworthiness is sufficient for the time being, though some factors require due attention in times of environmental changes.
B Creditworthiness is questionable and some factors require constant attention.
CCC Creditworthiness is highly questionable and a financial obligation of an issuer is likely to default.
CC All of the financial obligations of an issuer are likely to default.
D R&I believes that all of the financial obligations of an issuer are in default.

Japan Credit Rating Agency, Ltd. (JCR) rating definitions

AAA The highest level of certainty of an obligor to honor its financial obligations
AA A very high level of certainty to honor the financial obligations
A A high level of certainty to honor the financial obligations
BBB An adequate level of certainty to honor the financial obligations. However, this certainty is more likely to diminish in the future than with the higher rating categories.
BB Although the level of certainty to honor the financial obligations is not currently considered problematic, this certainty may not persist in the future.
B A low level of certainty to honor the financial obligations, giving cause for concern
CCC There are factors of uncertainty that the financial obligations will be honored, and there is a possibility of default.
CC A high default risk
C A very high default risk
LD JCR judges that while an obligor does not honor part of the agreed to financial obligations, but it honors all its other agreed to financial obligations.
D JCR judges that all the financial obligations are, in effect, in default.

Bond

Issue Issue date Amount
(millions of yen)
Coupon rate(%) Security Maturity date
19th Unsecured Bond June 21, 2012 10,000 0.817 No June 21, 2019
20th Unsecured Bond March 8, 2013 10,000 0.599 No March 6, 2020
21th Unsecured Bond December 4, 2014 10,000 0.390 No December 3, 2021
22th Unsecured Bond March 6, 2015 10,000 0.337 No March 5, 2021
23th Unsecured Bond August 4, 2017 10,000 0.250 No August 2, 2024
24th Unsecured Bond November 30, 2017 10,000 0.365 No November 30, 2027
Euro/Yen Zero Coupon Convertible Bonds subject to Call due 2020 October 16, 2015 30,000 No October 16, 2020