DBRS Confirms the Ratings and Positive Trends of Mizuho Corporate Bank, Ltd. and Related Entities at R-1 (low) & “A”

DBRS has today confirmed the Short-Term Instrument and Long-Term Deposits & Senior Debt ratings of Mizuho Bank, Ltd.; Mizuho Corporate Bank, Ltd. and Mizuho Corporate Bank (Canada) at R-1 (low) and “A”, respectively. All trends remain Positive.

The ratings and Positive trends remain supported by ongoing improvements in the capital quality of consolidated Mizuho Financial Group, Inc. (Mizuho or the Group) on which DBRS’s report and analysis are based.

On March 20, 2007, the Group announced it had reduced its consolidated earnings estimate by 25% to ¥540 billion as a result of an increase in credit costs, a decrease in net gains related to stocks as well as other factors. DBRS views this announcement as a temporary setback in the overall long-term strengthening in the organization. DBRS expects the Group to move back to its trend of improved performance in the new year, particularly in the areas of earnings, internal capital generation and capital quality.

Like its peers, Mizuho has not been generating adjusted returns on equity at the same level as other international banks (despite negative net credit costs), in part as a result of low domestic spreads. However, internal capital generation has been reasonable due in part to low dividend payout ratios; this has been one critical factor in the improvement in capital quality over the past several years.

In November, 2006, Mizuho listed its American depository receipts on the NYSE; in conjunction with this listing, the Group began producing U.S. GAAP financial statements; the U.S. listing provides the impetus for improved internal control processes, the U.S. GAAP statements provide additional transparency in disclosure.