S & P Upgrades Mizuho Rating

Standard & Poor's Ratings Agency has boosted the financial rating of Mizuho Corporate Bank, Ltd., Mizuho Bank, Ltd., and Mizuho Trust & Banking Co., Ltd. from a "C+" rating to a "B" rating. The rating agency noted that the upgrade

By None

Standard & Poor’s Ratings Agency has boosted the financial rating of Mizuho Corporate Bank, Ltd., Mizuho Bank, Ltd., and Mizuho Trust & Banking Co., Ltd. from a “C+” rating to a “B” rating.

The rating agency noted that the upgrade is the result of Mizuho’s solid financial performance, while dramatically decreasing the outstanding amount of preferred shares owned by the Japanese Government and substantial reduction of deferred tax assets as a proportion of Tier 1 Capital.

Also the fact, Mizuho outpaced the other major banking groups with respect to capital quality improvement. On a consolidated basis as of September 30, 2005 the NPL ratio was 0.43% and is one of the lowest among banking groups.

This improved rating for Mizuho by S & P follows the upgrade by Moody’s earlier this month from a “D-” to a “D+”.

«