Aug 04, 2017 R&I Affirms Ratings: 5 Expressway Companies Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE ---- Central Nippon Expressway Co., Ltd. ---- East Nippon Expressway Co., Ltd. ---- West Nippon Expressway Co., Ltd. ---- Metropolitan Expressway Co., Ltd. ---- Hanshin Expressway Co., Ltd. * Please refer below for rated bonds, etc. RATIONALE: Central Nippon Expressway Co., Ltd. (NEXCO-Central), East Nippon Expressway Co., Ltd. (NEXCO-East), West Nippon Expressway Co., Ltd. (NEXCO-West), Metropolitan Expressway Co., Ltd. and Hanshin Expressway Co., Ltd. are expressway companies established through the realignment of four public highway corporations. Along with Japan Expressway Holding and Debt Repayment Agency (JEHDRA), which almost completely monopolizes Japan's expressway network, they manage the Japanese expressway system. The expressway companies are extremely important for government policy. Their ratings therefore strongly reflect the government's creditworthiness. The Rating Outlooks are Negative, the same as that for Japan's sovereign. For a large-scale renewal and repair of expressways, the government in 2014 established a new framework that allows costs for such projects to be funded through additional toll revenues generated from the extension of the toll-charge period. The construction and management/operation of expressways and the debt repayment scheme handled by JEHDRA and the expressway companies have become more robust. Many expressways are aging and require measures. The expressway companies are working on a program called "Expressway Renewal Project" in earnest to implement the large-scale renewal and repair, while gaining the understanding of users. Going forward, the companies' focus will shift from the construction of new expressways to large-scale renewal and repair works. Debt reduction, the main purpose for the privatization of the public highway corporations, is well underway thanks partly to the current low interest rate environment. The expressway companies' solid toll revenue in recent years is also acting as a tailwind. However, if a surplus generated from the extension of the toll-charge period is used for the construction of low-profit routes, there might be an adverse impact on the entire expressway debt repayment scheme. Besides expressway operations, each company runs service areas (SA), etc., in related operations. Note that if any risk actualizes in related operations that are burdened with debt on investment, there will be effects on the ratings for JEHDRA and expressway companies other than the expressway company in question because of the nature of debt. Even so, given that an investment policy on related operations at each company is basically conservative, the possibility of the risk materializing is low. The obligations under the bonds issued for expressway construction will be jointly and severally assumed by JEHDRA when the ownership of expressway assets is transferred to JEHDRA. R&I considers that the certainty of the debt assumption scheme is high.
[Summary of Evaluations for Individual Companies] Central Nippon Expressway Co., Ltd. (NEXCO-Central) NEXCO-Central manages and operates key expressways, including the Tomei Expressway and the Chuo Expressway, which connect the Greater Tokyo area to the Chubu and Kinki regions. Its business base is solid. In FY2015 (the year ended March 2016), the company completed the repayment of its external borrowings for investment in related operations. East Nippon Expressway Co., Ltd. (NEXCO-East) NEXCO-East manages and operates an extensive network of expressways covering the Kanto (including the Greater Tokyo area), Tohoku and Hokkaido regions. The company's business base is solid. Because related operations are financed with funds on hand, it is unlikely that the risk associated with related operations will negatively affect expressway operations. West Nippon Expressway Co., Ltd. (NEXCO-West) NEXCO-West manages and operates expressways that cover a wide area of western Japan, including the Meishin Expressway, the Chugoku Expressway and the Kyushu Expressway. The company's business base is solid. After the 2016 expressway toll revisions in the Greater Tokyo area, tolls were modified in the Kinki region as well. On June 3, 2017, NEXCO-West and Hanshin Expressway Co., Ltd. introduced government-approved new tolls based on distance. Following the launch of new tolls, some routes of a local road public corporation and Hanshin Expressway will be transferred to NEXCO-West in the next few years. The transfer is aimed at a seamless toll system under integrated management and expands NEXCO-West's roles. Unlike the Greater Tokyo area, where an expressway network is almost in place, the Kinki region is yet to have a decent network managed in an integrated manner. The move is noteworthy in that the establishment of such a network is finally underway, enabled by the toll revisions. The new toll system was designed with due consideration to ensuring debt repayments and therefore will likely have a marginal profit impact on the entire expressway system. Because related operations are financed with funds on hand, it is unlikely that the risk associated with related operations will negatively affect expressway operations. Metropolitan Expressway Co., Ltd. Metropolitan Expressway manages and operates the Metropolitan Expressway, which plays an important role for social and economic activities in the Greater Tokyo area. The company has embarked on large-scale renewal and repair works earlier than peers to address aging structures. In the Greater Tokyo area, a new toll system was introduced in April 2016. Under the system, tolls are basically charged for distances travelled, and there are also arrangements that make using the Ken-O Expressway or the Tokyo-Gaikan Expressway no longer more expensive. The revisions resulted in either higher or lower tolls than before depending on how to travel, but appear to have exerted no material adverse impact on toll revenue when the entire expressway system is looked at. With some positive effect identified for easing traffic jams, the new toll system is contributing to increasing economic activity. While room for developing related operations is limited because of the nature of urban expressways, Metropolitan Expressway engages in the management of parking lots and commercial facilities/multi-purpose spaces, among others. Nevertheless, their description and scale suggest a very limited possibility that related operations will be exposed to major risks. On July 21, 2017, the central and Tokyo metropolitan governments announced that they will work to move a section of the Metropolitan Expressway that runs over the Nihonbashi bridge underground, together with the company. This issue is not incorporated in the rating, since a detailed scheme, including how to finance the project, is yet to be determined at this juncture.
Hanshin Expressway Co., Ltd. Hanshin Expressway manages and operates the Hanshin Expressway, which plays an important role for social and economic activities in the Kansai area. On June 3, 2017, a distance-based new toll system was introduced in the Kinki region, leading to practically higher tolls on the Hanshin Expressway. The company will fund part of the cost of expressway construction with an increase in toll revenue arising from the toll hikes. Completing the missing links of the expressway has been a long-standing issue. For the extension of the Yodogawa-Sagan Route and the western extension of the Osaka Wangan Route, construction started under a joint project scheme in April 2017. The company made a significant step forward in establishing an expressway network, while giving due consideration to ensuring debt repayments. Room for developing related operations is limited because of the nature of urban expressways. While Hanshin Expressway engages in the parking lot and other businesses, their description and scale suggest a very limited possibility that related operations will be exposed to major risks. The primary rating methodology applied to this rating is provided at "R&I's Analytical Approach to Government Agencies". The methodology is available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. http://www.r-i.co.jp/eng/cfp/about/methodology/index.html R&I RATINGS: ISSUER: RATING OUTLOOK: Central Nippon Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.3* Issue Date Maturity Date Issue Amount (mn) Oct 11, 2007 Sep 20, 2017 JPY 30,000 Sec. Str. Bonds No.4* Issue Date Maturity Date Issue Amount (mn) Aug 11, 2008 Jun 20, 2018 JPY 30,000 Sec. Str. Bonds No.5* Issue Date Maturity Date Issue Amount (mn) Nov 18, 2008 Sep 20, 2018 JPY 50,000 Sec. Str. Bonds No.6* Issue Date Maturity Date Issue Amount (mn) Feb 20, 2009 Dec 20, 2018 JPY 20,000 Sec. Str. Bonds No.8* Issue Date Maturity Date Issue Amount (mn) Apr 30, 2009 Mar 20, 2019 JPY 30,000
Sec. Str. Bonds No.10* Issue Date Maturity Date Issue Amount (mn) Jul 31, 2009 Jun 20, 2019 JPY 10,000 Sec. Str. Bonds No.13* Issue Date Maturity Date Issue Amount (mn) Jan 29, 2010 Dec 20, 2019 JPY 15,000 Sec. Str. Bonds No.16* Issue Date Maturity Date Issue Amount (mn) Apr 30, 2010 Mar 19, 2020 JPY 15,000 Sec. Str. Bonds No.18* Issue Date Maturity Date Issue Amount (mn) Sep 14, 2010 Aug 28, 2017 JPY 15,000 Sec. Str. Bonds No.19* Issue Date Maturity Date Issue Amount (mn) Sep 14, 2010 Aug 28, 2020 JPY 35,000 Sec. Str. Bonds No.21* Issue Date Maturity Date Issue Amount (mn) Nov 22, 2010 Sep 20, 2017 JPY 10,000 Sec. Str. Bonds No.22* Issue Date Maturity Date Issue Amount (mn) Nov 22, 2010 Sep 18, 2020 JPY 25,000 Sec. Str. Bonds No.24* Issue Date Maturity Date Issue Amount (mn) Jan 21, 2011 Dec 20, 2017 JPY 15,000 Sec. Str. Bonds No.25* Issue Date Maturity Date Issue Amount (mn) Jan 21, 2011 Dec 18, 2020 JPY 30,000 Sec. Str. Bonds No.28* Issue Date Maturity Date Issue Amount (mn) May 31, 2011 Mar 20, 2018 JPY 10,000 Sec. Str. Bonds No.29* Issue Date Maturity Date Issue Amount (mn) May 31, 2011 Mar 19, 2021 JPY 20,000
Sec. Str. Bonds No.32* Issue Date Maturity Date Issue Amount (mn) Sep 27, 2011 Sep 20, 2018 JPY 15,000 Sec. Str. Bonds No.33* Issue Date Maturity Date Issue Amount (mn) Sep 27, 2011 Sep 17, 2021 JPY 25,000 Sec. Str. Bonds No.36* Issue Date Maturity Date Issue Amount (mn) Nov 25, 2011 Sep 17, 2021 JPY 15,000 Sec. Str. Bonds No.38* Issue Date Maturity Date Issue Amount (mn) Feb 28, 2012 Feb 28, 2019 JPY 15,000 Sec. Str. Bonds No.39* Issue Date Maturity Date Issue Amount (mn) Feb 28, 2012 Dec 20, 2021 JPY 50,000 Sec. Str. Bonds No.41* Issue Date Maturity Date Issue Amount (mn) May 23, 2012 Mar 20, 2019 JPY 20,000 Sec. Str. Bonds No.42* Issue Date Maturity Date Issue Amount (mn) May 23, 2012 Mar 18, 2022 JPY 40,000 Sec. Str. Bonds No.43* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2012 Sep 20, 2017 JPY 30,000 Sec. Str. Bonds No.44* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2012 Sep 20, 2019 JPY 15,000 Sec. Str. Bonds No.45* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2012 Sep 20, 2022 JPY 35,000 Sec. Str. Bonds No.46* Issue Date Maturity Date Issue Amount (mn) Nov 09, 2012 Sep 20, 2017 JPY 60,000
Sec. Str. Bonds No.47* Issue Date Maturity Date Issue Amount (mn) Mar 19, 2013 Mar 20, 2018 JPY 50,000 Sec. Str. Bonds No.48* Issue Date Maturity Date Issue Amount (mn) Mar 19, 2013 Mar 20, 2023 JPY 20,000 Sec. Str. Bonds No.49* Issue Date Maturity Date Issue Amount (mn) May 21, 2013 Mar 20, 2018 JPY 70,000 Sec. Str. Bonds No.51* Issue Date Maturity Date Issue Amount (mn) Nov 08, 2013 Nov 08, 2018 JPY 25,000 Sec. Str. Bonds No.52* Issue Date Maturity Date Issue Amount (mn) Nov 08, 2013 Nov 06, 2020 JPY 15,000 Sec. Str. Bonds No.54* Issue Date Maturity Date Issue Amount (mn) Feb 14, 2014 Dec 20, 2018 JPY 20,000 Sec. Str. Bonds No.55* Issue Date Maturity Date Issue Amount (mn) Feb 14, 2014 Dec 18, 2020 JPY 10,000 Sec. Str. Bonds No.56* Issue Date Maturity Date Issue Amount (mn) Feb 14, 2014 Dec 20, 2023 JPY 10,000 Sec. Str. Bonds No.57* Issue Date Maturity Date Issue Amount (mn) May 30, 2014 Mar 20, 2019 JPY 100,000 Sec. Str. Bonds No.58 Issue Date Maturity Date Issue Amount (mn) Feb 19, 2015 Dec 20, 2019 JPY 25,000 Sec. Str. Bonds No.59 Issue Date Maturity Date Issue Amount (mn) Feb 19, 2015 Dec 20, 2021 JPY 10,000
Sec. Str. Bonds No.60 Issue Date Maturity Date Issue Amount (mn) Feb 19, 2015 Dec 20, 2024 JPY 10,000 Sec. Str. Bonds No.61 Issue Date Maturity Date Issue Amount (mn) Jun 02, 2015 Jun 02, 2020 JPY 60,000 Sec. Str. Bonds No.62 Issue Date Maturity Date Issue Amount (mn) Nov 13, 2015 Sep 18, 2020 JPY 50,000 Sec. Str. Bonds No.63 Issue Date Maturity Date Issue Amount (mn) Nov 13, 2015 Nov 13, 2025 JPY 20,000 Sec. Str. Bonds No.64 Issue Date Maturity Date Issue Amount (mn) May 31, 2016 May 31, 2021 JPY 9,800 Sec. Str. Bonds No.65 Issue Date Maturity Date Issue Amount (mn) Jul 14, 2016 Jul 14, 2021 JPY 60,000 Sec. Str. Bonds No.66 Issue Date Maturity Date Issue Amount (mn) Sep 28, 2016 Sep 28, 2021 JPY 34,000 Sec. Str. Bonds No.67 Issue Date Maturity Date Issue Amount (mn) Nov 30, 2016 Sep 17, 2021 JPY 50,000 Sec. Str. Bonds No.68 Issue Date Maturity Date Issue Amount (mn) Mar 03, 2017 Dec 20, 2021 JPY 18,000 Sec. Str. Bonds No.69 Issue Date Maturity Date Issue Amount (mn) May 31, 2017 Mar 18, 2022 JPY 99,000 U.S.$ 1,000,000,000 2.369 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2018* Sep 10, 2013 Sep 10, 2018 USD 1,000
U.S.$ 500,000,000 2.170 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2019* Aug 05, 2014 Aug 05, 2019 USD 500 U.S.$ 500,000,000 2.079 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2019 Nov 05, 2014 Nov 05, 2019 USD 500 U.S.$ 285,000,000 2.381 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2020 Sep 17, 2015 Sep 17, 2020 USD 285 U.S.$115,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2020 Sep 17, 2015 Sep 17, 2020 USD 115 U.S.$ 250,000,000 2.241 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021 Feb 16, 2016 Feb 16, 2021 USD 250 U.S.$ 150,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021 Feb 16, 2016 Feb 16, 2021 USD 150 U.S.$ 350,000,000 2.293 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021 Apr 25, 2016 Apr 23, 2021 USD 350 U.S.$ 250,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021 Apr 25, 2016 Apr 23, 2021 USD 250 U.S.$ 500,000,000 2.362 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021 May 31, 2016 May 28, 2021 USD 500 U.S.$ 150,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021 May 31, 2016 May 28, 2021 USD 150 Series 1 U.S.$400,000,000 2.091 Issue Date Maturity Date Issue Amount (mn) per cent. Notes due 2021 Sep 14, 2016 Sep 14, 2021 USD 400
Series 2 U.S.$200,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2021 Sep 14, 2016 Sep 14, 2021 USD 200 Series 3 U.S.$250,000,000 2.849 Issue Date Maturity Date Issue Amount (mn) per cent. Notes due 2022 Mar 03, 2017 Mar 03, 2022 USD 250 Series 4 U.S.$300,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2022 Mar 03, 2017 Mar 03, 2022 USD 300 Series 5 U.S.$500,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2020 Aug 04, 2017 Aug 04, 2020 USD 500 AUD 100,000,000 3.374 per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2026 May 31, 2016 May 28, 2026 AUD 100 ISSUER: RATING OUTLOOK: East Nippon Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.18* Issue Date Maturity Date Issue Amount (mn) Aug 28, 2012 Sep 20, 2017 JPY 20,000 Sec. Str. Bonds No.19* Issue Date Maturity Date Issue Amount (mn) Dec 04, 2012 Dec 20, 2017 JPY 20,000 Sec. Str. Bonds No.20* Issue Date Maturity Date Issue Amount (mn) Jan 31, 2013 Dec 20, 2017 JPY 20,000 Sec. Str. Bonds No.21* Issue Date Maturity Date Issue Amount (mn) Jun 04, 2013 Jun 20, 2018 JPY 25,000
Sec. Str. Bonds No.22* Issue Date Maturity Date Issue Amount (mn) Jul 30, 2013 Jun 20, 2018 JPY 30,000 Sec. Str. Bonds No.23* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2013 Sep 20, 2018 JPY 20,000 Sec. Str. Bonds No.24* Issue Date Maturity Date Issue Amount (mn) Dec 04, 2013 Dec 20, 2018 JPY 20,000 Sec. Str. Bonds No.25* Issue Date Maturity Date Issue Amount (mn) Mar 11, 2014 Mar 20, 2019 JPY 30,000 Sec. Str. Bonds No.26* Issue Date Maturity Date Issue Amount (mn) May 19, 2014 Jun 20, 2019 JPY 35,000 Sec. Str. Bonds No.27* Issue Date Maturity Date Issue Amount (mn) Jul 29, 2014 Jun 20, 2019 JPY 35,000 Sec. Str. Bonds No.28* Issue Date Maturity Date Issue Amount (mn) Nov 18, 2014 Dec 20, 2019 JPY 40,000 Sec. Str. Bonds No.29 Issue Date Maturity Date Issue Amount (mn) Feb 03, 2015 Mar 19, 2020 JPY 35,000 Sec. Str. Bonds No.30 Issue Date Maturity Date Issue Amount (mn) May 21, 2015 Jun 19, 2020 JPY 50,000 Sec. Str. Bonds No.31 Issue Date Maturity Date Issue Amount (mn) Jul 30, 2015 Jun 19, 2020 JPY 40,000 Sec. Str. Bonds No.32 Issue Date Maturity Date Issue Amount (mn) Sep 17, 2015 Sep 18, 2020 JPY 40,000
Sec. Str. Bonds No.33 Issue Date Maturity Date Issue Amount (mn) Nov 19, 2015 Dec 18, 2020 JPY 50,000 Sec. Str. Bonds No.34 Issue Date Maturity Date Issue Amount (mn) Jan 28, 2016 Mar 19, 2021 JPY 40,000 Sec. Str. Bonds No.35 Issue Date Maturity Date Issue Amount (mn) Mar 17, 2016 Mar 19, 2021 JPY 30,000 Sec. Str. Bonds No.36 Issue Date Maturity Date Issue Amount (mn) May 27, 2016 Jun 18, 2021 JPY 70,000 Sec. Str. Bonds No.37 Issue Date Maturity Date Issue Amount (mn) Jul 28, 2016 Jun 18, 2021 JPY 80,000 Sec. Str. Bonds No.38 Issue Date Maturity Date Issue Amount (mn) Sep 26, 2016 Sep 17, 2021 JPY 50,000 Sec. Str. Bonds No.39 Issue Date Maturity Date Issue Amount (mn) Nov 29, 2016 Dec 20, 2021 JPY 50,000 Sec. Str. Bonds No.40 Issue Date Maturity Date Issue Amount (mn) Jan 31, 2017 Dec 20, 2021 JPY 30,000 Sec. Str. Bonds No.41 Issue Date Maturity Date Issue Amount (mn) Apr 28, 2017 Jun 20, 2019 JPY 70,000 Sec. Str. Bonds No.42 Issue Date Maturity Date Issue Amount (mn) Apr 28, 2017 Jun 20, 2022 JPY 50,000 Sec. Str. Bonds No.43 Issue Date Maturity Date Issue Amount (mn) Jul 28, 2017 Jun 20, 2019 JPY 50,000
Sec. Str. Bonds No.44 Issue Date Maturity Date Issue Amount (mn) Jul 28, 2017 Jun 20, 2022 JPY 40,000 Commercial Paper ISSUE LIMIT (mn): JPY 75,000 SUPPORT: Secured by general assets a-1+, Affirmed ISSUER: RATING OUTLOOK: West Nippon Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.18 Issue Date Maturity Date Issue Amount (mn) May 20, 2013 Mar 20, 2023 JPY 25,000 Sec. Str. Bonds No.19 Issue Date Maturity Date Issue Amount (mn) Sep 05, 2013 Jun 20, 2023 JPY 25,000 Sec. Str. Bonds No.20 Issue Date Maturity Date Issue Amount (mn) Nov 13, 2013 Sep 20, 2023 JPY 25,000 Sec. Str. Bonds No.21 Issue Date Maturity Date Issue Amount (mn) Feb 13, 2014 Dec 20, 2023 JPY 25,000 Sec. Str. Bonds No.22 Issue Date Maturity Date Issue Amount (mn) May 19, 2014 Mar 19, 2024 JPY 25,000 Sec. Str. Bonds No.23 Issue Date Maturity Date Issue Amount (mn) Sep 03, 2014 Jun 20, 2024 JPY 25,000 Sec. Str. Bonds No.24 Issue Date Maturity Date Issue Amount (mn) Nov 18, 2014 Sep 20, 2024 JPY 25,000
Sec. Str. Bonds No.25 Issue Date Maturity Date Issue Amount (mn) Feb 10, 2015 Dec 20, 2024 JPY 25,000 Sec. Str. Bonds No.26 Issue Date Maturity Date Issue Amount (mn) May 21, 2015 May 21, 2025 JPY 25,000 Sec. Str. Bonds No.27 Issue Date Maturity Date Issue Amount (mn) Sep 02, 2015 Sep 02, 2025 JPY 30,000 Sec. Str. Bonds No.28 Issue Date Maturity Date Issue Amount (mn) Nov 05, 2015 Nov 05, 2025 JPY 25,000 Sec. Str. Bonds No.29 Issue Date Maturity Date Issue Amount (mn) Feb 12, 2016 Feb 12, 2026 JPY 25,000 Sec. Str. Bonds No.30 Issue Date Maturity Date Issue Amount (mn) May 23, 2016 May 22, 2026 JPY 35,000 Sec. Str. Bonds No.31 Issue Date Maturity Date Issue Amount (mn) Aug 29, 2016 Aug 28, 2026 JPY 60,000 Sec. Str. Bonds No.32 Issue Date Maturity Date Issue Amount (mn) Oct 19, 2016 Oct 19, 2026 JPY 40,000 Sec. Str. Bonds No.33 Issue Date Maturity Date Issue Amount (mn) Dec 14, 2016 Dec 14, 2026 JPY 25,000 Sec. Str. Bonds No.34 Issue Date Maturity Date Issue Amount (mn) Feb 16, 2017 Feb 16, 2027 JPY 25,000 Sec. Str. Bonds No.35 Issue Date Maturity Date Issue Amount (mn) May 22, 2017 Jun 20, 2022 JPY 60,000
ISSUER: RATING OUTLOOK: Metropolitan Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.10* Issue Date Maturity Date Issue Amount (mn) Oct 12, 2012 Sep 20, 2017 JPY 30,000 Sec. Str. Bonds No.11* Issue Date Maturity Date Issue Amount (mn) Feb 27, 2013 Dec 20, 2017 JPY 35,000 Sec. Str. Bonds No.12* Issue Date Maturity Date Issue Amount (mn) Mar 07, 2014 Dec 20, 2018 JPY 30,000 Sec. Str. Bonds No.13* Issue Date Maturity Date Issue Amount (mn) Oct 16, 2014 Sep 20, 2019 JPY 30,000 Sec. Str. Bonds No.14* Issue Date Maturity Date Issue Amount (mn) Feb 24, 2015 Dec 20, 2019 JPY 40,000 Sec. Str. Bonds No.15* Issue Date Maturity Date Issue Amount (mn) Oct 14, 2015 Sep 18, 2020 JPY 40,000 Sec. Str. Bonds No.16* Issue Date Maturity Date Issue Amount (mn) Feb 25, 2016 Dec 18, 2020 JPY 15,000 Sec. Str. Bonds No.17 Issue Date Maturity Date Issue Amount (mn) Jul 22, 2016 Jun 18, 2021 JPY 50,000 Sec. Str. Bonds No.18 Issue Date Maturity Date Issue Amount (mn) Oct 14, 2016 Sep 17, 2021 JPY 40,000 Sec. Str. Bonds No.19 Issue Date Maturity Date Issue Amount (mn) Feb 23, 2017 Dec 20, 2021 JPY 34,000
ISSUER: RATING OUTLOOK: Hanshin Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.8* Issue Date Maturity Date Issue Amount (mn) Oct 12, 2012 Sep 20, 2017 JPY 10,000 Sec. Str. Bonds No.9* Issue Date Maturity Date Issue Amount (mn) Feb 25, 2013 Dec 20, 2017 JPY 25,000 Sec. Str. Bonds No.10* Issue Date Maturity Date Issue Amount (mn) Oct 11, 2013 Sep 20, 2018 JPY 10,000 Sec. Str. Bonds No.11* Issue Date Maturity Date Issue Amount (mn) Feb 27, 2014 Dec 20, 2018 JPY 15,000 Sec. Str. Bonds No.12* Issue Date Maturity Date Issue Amount (mn) Feb 12, 2015 Dec 20, 2018 JPY 25,000 Sec. Str. Bonds No.13* Issue Date Maturity Date Issue Amount (mn) Oct 14, 2015 Sep 20, 2019 JPY 15,000 Sec. Str. Bonds No.14* Issue Date Maturity Date Issue Amount (mn) Feb 25, 2016 Dec 20, 2019 JPY 35,000 Sec. Str. Bonds No.15 Issue Date Maturity Date Issue Amount (mn) Oct 13, 2016 Dec 20, 2019 JPY 25,000 Sec. Str. Bonds No.16 Issue Date Maturity Date Issue Amount (mn) Feb 27, 2017 Mar 19, 2020 JPY 15,000
(Note 1) All bonds listed above, excluding CP, carry a clause of debt assumption on a joint and several basis by Japan Expressway Holding and Debt Repayment Agency (JEHDRA). (Note 2) Under the Expressway Companies Act, all holders of bonds issued by an expressway company have a right to receive payments in priority to other classes of creditors over the assets of the expressway company, subject to the exception of the general statutory lien provided in the Civil Code. (Note 3) For U.S. dollar- and Australian dollar-denominated bonds issued by Central Nippon Expressway Co., Ltd., "TERMS AND CONDITIONS" in the Offering Circular stipulate that the bonds constitute unsecured obligations. (Note 4) In respect of the bonds with an asterisk (*), JEHDRA jointly and severally assumed the obligations of the issuer. JEHDRA has become jointly and severally liable for these obligations with the issuer, and the obligations are fulfilled primarily by JEHDRA.