Rating and Investment Information, Inc. (R&I) held a seminar for institutional investors on January 21 in London (U.K.). With the enactment by Japan on January 1 of tax-free measures for local bond interest paid to non-residents, oversea investors'interest in Japanese local bonds has increased. So the seminar was intended to explain its rating approach to Japanese local bonds to European investors which have much interest in the bonds. His Excellency Yoshiji Nogami, Ambassador of Japan to the Court of Saint James's, made an appearance at the investor seminar and noted that "the elimination of withholding tax on local bond interest contributes to the improvement of investment climate". R&I President Keiichiro Kuboniwa also spoke, and said that "while local government bodies strengthen the relationship with European investors, R&I will also increase our capability to deliver the information on credit ratings abroad including Europe.” Mr. Minoru Yasuda, chief analyst of R&I's Municipal Bond Group, then explained the characteristics and approach of R&I's local bond ratings. Following the seminar in the U.K., R&I paid individual visits to several investors in Ireland and France to explain its rating approach to local bonds. Throughout the seminar and meetings, lots of questions and comments were raised to R&I, and the strong interest on Japanese local bonds was well observed.

R&I President Kuboniwa delivers an opening note at "Local Bond Rating Seminar" held in London.