At the same time, Moody's has affirmed a Aa3 rating to Kansai International Airport Land Company's debt.

The outlook for both ratings is stable.

Moody's has also today withdrawn the Aa3 issuer rating for the former Kansai International Airport Company in view of the organizational change. At the time of the withdrawal, the outlook on the rating was stable.

RATINGS RATIONALE

New Kansai International Airport Company(NKIAC) starts operating on July 1, 2012, through the merger of Kansai International Airport and Itami Airport, which is also known as Osaka International Airport.

NKIAC's Aa3 rating is in line with that of the government of Japan (Aa3, stable) (*) and reflects its close ties with the central government. NKIAC will continue to receive strong support from the Japanese government as it plays an important role in aviation policy in the country.

(*: This Moody's Investors Service's rating is not governed by Japanese regulation.)

As a result, Moody's has adopted the credit substitution approach for NKIAC, and which it has for the 11 other Japanese government-related entities or "Zaitos".

This close relationship between NKIAC and the central government is codified in the law establishing NKIAC, and which stipulates that the government must hold all of its shares.

The law also has provisions for strong financial support from the central government, and which can be provided through loans from the government and issuances of government-guaranteed debt.

In addition, the central government continues to provide an annual subsidy which allows NKIAC to meet its debt payments.

Moody's also assigns Aa3 ratings to the existing debt of KIAC that has now been assumed by the newly established Kansai International Airport Land Company. The land company is a shell corporation whose role is solely to pay the outstanding debt--it does not have any independent operations. The rating reflects the guarantee provided by NKIAC.

In FY2011, old KIAC's outstanding debt was JPY 1.24 trillion, of which no-interest borrowings represented JPY 230 billion and guaranteed debt JPY 376billion. This debt was divided between two companies -- NKIAC and Kansai International Airport Land Company -- on July 1, 2012.

The withdrawal of the former Kansai International Airport Company follows its reorganization after the integration of Kansai International Airport and Itami Airport.

The ratings withdrawal does not reflect a change in the creditworthiness of the former KIAC. Please refer to Moody's Policy for Withdrawal of Credit Ratings, which can be found on www.moodys.co.jp.

The principal methodology used in this rating was Moody's "Government-Related Issuers: Methodology Update," published on September 30, 2010, and available on www.moodys.co.jp.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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Yuka Tamba Vice President - Senior Analyst Sub-Sovereign 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 David Rubinoff MD - Sub-Sovereigns Sub-Sovereign Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 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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