Tokyo, July 13, 2012 -- Moody's Japan K.K. has assigned an A2 rating to USD-denominated senior subordinated bonds issued by Mizuho Financial Group (Cayman) 2 Limited (MHFGC2), a special purpose corporation (SPC) wholly owned by Mizuho Financial Group, Inc. (MHFG).

The rating outlook is stable.

The bonds are guaranteed on a subordinated basis by MHFG.

The specific bond issue rated is:

o USD1.5 billion senior subordinated bonds due 2022

RATINGS RATIONALE

MHFGC2 is an SPC established for the main purpose of raising funds in the markets and providing subordinated loans to Mizuho Corporate Bank, Ltd. (MHCB).

The A2 rating for the USD subordinated bonds is solely based on the senior subordinated debt ratings of MHCB and the restricted use of the subject bonds' proceeds to make senior subordinated loans to MHCB.

In view of the nature of the bonds, the debtholders of these subordinated bonds issued by MHFGC2 would effectively take on the same status of senior subordinated debtholders of MHCB. MHCB's senior subordinated debt is rated at A2, with a stable outlook.

The A2 rating of MHCB's senior subordinated debt incorporates 1) the C- standalone bank financial strength rating (BFSR), which maps to baa1 on the long-term scale; 2) the Aa2 systemic support input for Japan bank ratings, which is one notch above Japan's local currency government debt rating of Aa3(*); 3) the "very high" systemic support probability for the combined banking operations of MHCB, Mizuho Bank, Ltd., and Mizuho Trust and Banking Co., Ltd., given the group's importance to Japan's financial system. (*: This Moody's Investors Service's rating is not governed by Japanese regulation.)

The C- standalone BFSR reflects Moody's overall assessment of 1) MHCB's strong wholesale/investment banking franchise in Japan; 2) its very high intrinsic risk positioning relative to earnings and capital; and 3) its recovering but still modest financial fundamentals.

The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology, published on July 6, 2012, and available on www.moodys.co.jp.

Mizuho Financial Group (Cayman) 2 Limited is a special purpose corporation of the Mizuho Financial Group, Inc., one of the largest financial groups in Japan.

Mizuho Corporate Bank, Ltd., headquartered in Tokyo, is one of the largest banks in Japan and a major operating bank within Mizuho Financial Group, Inc.

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Tetsuya Yamamoto Vice President - Senior Analyst Financial Institutions Group Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Stephen Long MD - Financial Institutions Financial Institutions Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Releasing Office: Moody's Japan K.K. Atago Green Hills Mori Tower 20fl 2-5-1 Atago, Minato-ku Tokyo 105-6220 Japan JOURNALISTS: (03) 5408-4110 SUBSCRIBERS: (03) 5408-4100 Copyright 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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