Fitch Ratings has assigned a long-term rating of 'A-' and a short-term rating of 'F1' to Mizuho Markets Cayman LP's (MMC) USD5 billion medium-term note programme for the issuance of senior unsecured notes guaranteed by Japan-based Mizuho Bank, Ltd. (A-/Stable/F1), as described in the Base Offering Memorandum dated 20 January 2021.

The rating is assigned to the programme and not to the notes issued under the programme. There is no assurance that notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the rating assigned to the programme.

The senior unsecured notes issued under the programme will constitute direct, unsecured, unconditional and unsubordinated obligations of MMC and Mizuho Bank.

MMC is a wholly owned subsidiary of Mizuho Americas LLC, a U.S. bank holding company that is wholly owned by Mizuho Bank, a core operating banking arm of Mizuho Financial Group, Inc. (A-/Stable/F1).

KEY RATING DRIVERS

The rating on the guaranteed programme is aligned with the Long-Term Issuer Default Rating (IDR) and the Short-Term IDR of the guarantor, Mizuho Bank, in line with Fitch's criteria, as the repayment of principal, interest and all other amounts payable on notes issued under the programme are unconditionally and irrevocably guaranteed by Mizuho Bank.

Mizuho Bank's Long-Term IDR is driven by the Support Rating Floor (SRF) of 'A-'. The SRF reflects Fitch's view that there is an extremely high probability of support from the Japanese government in case of need, especially to systemically important financial institutions. The government's pre-emptive financial assistance is to be provided through a solvent bank holding company when a serious system disruption is anticipated under Japan's Deposit Insurance Act. The Short-Term IDR of 'F1', which is at the higher of the two options mapped to the Long-Term IDR of 'A-', reflect Fitch's expectation of government support, which is more certain in the short term.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Negative rating action on the Long-Term IDR and Short-Term IDR on Mizuho Bank will lead to similar action on the ratings on the programme.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Positive rating action on the Long-Term IDR and Short-Term IDR on Mizuho Bank will lead to similar action on the ratings on the programme.

For the rating sensitivities for Mizuho Bank, please refer to Rating Action Commentary published on 24 September 2020 at https://www.fitchratings.com/site/pr/10136575

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit [https://www.fitchratings.com/site/re/10111579]

SUMMARY OF FINANCIAL ADJUSTMENTS

The total assets and total liabilities of Mizuho Bank, the guarantor of the programme, exclude acceptances and guarantees under Japan's generally accepted accounting principles balance sheet to be globally comparable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of MMC's programme are directly linked to the IDRs of the guarantor Mizuho Bank, Ltd., which are driven by the Support Rating Floor linked to the Japan sovereign rating (A/Negative).

RATING ACTIONS

ENTITY/DEBT	RATING

Mizuho Markets Cayman LP

senior unsecured

LT	A- 	New Rating

senior unsecured

ST	F1 	New Rating

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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