TEXT-S&P:Japan International Cooperation Agency's bonds rtd 'AA-

(The following statement was released by the rating agency)

June 15 - Standard & Poor's Ratings Services today assigned its 'AA-' long-term senior secured local currency debt ratings to Japan International Cooperation Agency's (JICA; AA-/Negative/A-1+) JPY10 billion, 0.901% series 12 bonds, due June 20, 2022, and its JPY10 billion, 1.752% series 13 bonds, due June 18, 2032.

We have equalized the ratings on JICA with those on Japan (AA-/Negative/A-1+), based on the agency's critical role in public policy and its integral link to the government. We consider JICA to be the primary governmental institution tasked with extending financial and nonfinancial facilities to promote and support the government of Japan's diplomatic policy objectives, such as cooperation with the multilateral developmental strategy "Millennium Development Goals" and contribution to international efforts to protect the environment.

RELATED CRITERIA AND RESEARCH

Principles Of Credit Ratings, Feb. 16, 2011

Rating Government-Related Entities: Methodology And Assumptions, Dec. 9, 2010