domestic bond issued by
The bond issuance is:
The Aa3 rating for
close linkage between the government of
regional and local governments (RLG) in
A key component of
likelihood that in the event of a liquidity crisis the Japanese government
would step in to provide immediate assistance. The country's highly
centralized system of local government as well as
of risk socialization provide clear evidence that this support would be
The considerable level of oversight and supervision of the RLGs exercised
by the central government ensures that any credit issues at the RLG level
are uncovered and addressed early, bolstering the probability of
extraordinary support. The well-developed equalization system of
transfers or Local Allocation Tax (LAT) system assures that no individual
entity's revenues would fall to a level that would require emergency
assistanceÂ€”this feature is a clear indication of the government's strong
policy stance towards preventing any RLG default.
fiscal outcome owing to fiscal reforms.
population of 1.9 million. Its local GDP is
to the most recent statistics.
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