JCR has assigned a AA- rating to each series of bonds to be issued shortly by the issuer under the shelf registration.

Issuer: Mizuho Corporate Bank, Ltd.
Issue Amount(bn) Issue Date Due Date Coupon Rating
bonds no.21 Y100 July 21, 2010 July 21, 2015 0.565% AA-
bonds no.22 Y20 July 21, 2010 July 21, 2020 1.35% AA-
Covenants: Negative Pledge
Bond Administrator: No
Shelf Registration:
Maximum: Y2 trillion
Valid: two years effective from February 9, 2009

<Rationale>
Mizuho Corporate Bank, Ltd. is a core commercial bank of Mizuho Financial Group. The rating for the Bank is supported by its firm operating base, proper asset quality and equity capital level. However, there is room for improvement in quality of equity capital. Furthermore, profitability measured by its net business income remains poor relative to other mega banks. Although its credit costs are now being limited to a small amount, its buffer against an increase in the credit costs remains poor compared with other mega banks. Mizuho Financial Group, Inc. resolved in June 2010 to issue new shares of common stock up to Y800 billion. JCR will watch progress in the enhancement of capital base and earnings power trend.