Credit Ratings

Insurer Financial Strength Rating / Long-Term Issuer Credit Rating

AA-

(AA): An insurer rated ‘AA’ has very strong financial security characteristics, differing only slightly from those rated higher.

Short-Term Issuer Credit Rating

A-1+

(A-1): An obligor rated ‘A-1’ has strong capacity to meet its financial commitments. It is rated in the highest category by Standard & Poor's.

Insurance Financial Strength Rating

Aa3

(Aa): Insurance companies rated Aa offer excellent financial security. Together with the Aaa group, they constitute what are generally known as high-grade companies. They are rated lower than Aaa companies because long-term risks appear somewhat larger.

Issuer rating

Aa3

(Aa): Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

Commercial Paper Rating

P-1

(P-1): Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

Long-Term Senior Debts

AAA

(AAA): The highest level of capacity of the obligor to honor its financial commitment on the obligation.

Commercial Paper Program

J-1+

(J-1): The highest level of capacity of the obligor to honor its short-term financial commitment on the obligation.

Issuer Rating

AA

(AA): Very high creditworthiness supported by excellent factors.

Commercial Paper Rating

a-1+

Financial Strength Rating

A+

(A+): Superior

Issuer Credit Rating

aa

(aa): Superior

Insurer Financial Strength Rating /
Long-Term Issuer Credit Rating

AA-

(AA): An insurer rated ‘AA’ has very strong financial security characteristics, differing only slightly from those rated higher.

Short-Term Issuer Credit Rating

A-1+

(A-1): An obligor rated ‘A-1’ has strong capacity to meet its financial commitments. It is rated in the highest category by Standard & Poor's.

Insurance Financial Strength Rating

A1

(A): Insurance companies rated A offer good financial security. However, elements may be present which suggest a susceptibility to impairment sometime in the future.
Moody's appends numerical modifiers 1, 2 and 3 to each genericratingclassification from Aa through Caa. Numeric modifiers are used to refer to the ranking within a group with 1 being the highest and 3 being the lowest. However, the financial strength of companies within a generic rating symbol (Aa, for example) is broadly the same.

Rating and Investment Information, Inc.
(link to website)

Issuer Rating

AA

(AA): Very high creditworthiness supported by excellent factors.

Commercial Paper Rating

a-1+

(a-1):Certainty to meet short-term obligation is high.

Long-Term Rating (long-term senior debts / ability to pay insurance claims)

AA+

(AA): A very high level of capacity to honor the financial commitment on the obligation.

Short-Term Ratings (commercial paper)

J-1+

(J-1): The highest level of capacity of the obligor to honor its short-term financial commitment on the obligation.

Financial Strength Rating

A

（A）：Excellent

Issuer Credit Rating

a+

（a）：Excellent

Standard & Poor's Ratings Japan K.K.
(link to website)

Insurer Financial Strength Rating

AA-

(AA): An insurer rated ‘AA’ has very strong financial security characteristics, differing only slightly from those rated higher.

Insurance Claims Paying Ability

AA

(AA): Very high claim paying ability supported by excellent factors.

Standard & Poor's Ratings Japan K.K.
(link to website)

Insurer Financial Strength Rating

AA-

(AA): An insurer rated ‘AA’ has very strong financial security characteristics, differing only slightly from those rated higher.

Issuer rating

AA

(AA): Very high claim paying ability supported by excellent factors.