The ratings on the Association has been revised by Standard & Poor’s to ‘BBB (outlook: stable)’ from ‘BBB+ (outlook: positive).’

The action is attributed to the deteriorated capital adequacy due to large insurance claims last fiscal year. On the other hand, S&P expects the Association to gradually improve its operating performance in the next few years and may upgrade the ratings on the Association if its capital adequacy is restored through the accumulation of its reserves.