Moody’s withdraws A1 rating for perpetual notes of Norinchukin SPC

Tokyo, August 27, 2009 -- Moody's Investors Service has withdrawn the A1 
program rating available for perpetual subordinated debt to be issued 
under the Subordinated Euro Medium Term Note (EMTN) Program of 
Norinchukin Finance (Cayman) Limited (NFCL), a special purpose 
corporation of The Norinchukin Bank (Norinchukin).

This action reflects Norinchukin's decision to update its EMTN Program by 
removing provisions for the issuance of perpetual notes by the end of 
September 2009. In addition, there is no outstanding balance of perpetual 
notes issued under the program. For further details, please refer to 
Moody's Withdrawal Policy on www.moodys.com.

Moody's last rating action with respect to Norinchukin was taken on June
29, 2009, when the bank's bank financial strength rating (BFSR) was 
downgraded to C- from C, long-term ratings were downgraded to Aa3 from 
Aa2, the ratings on the Subordinated EMTN Program of NFCL were downgraded 
to A1 from Aa3, and the outlook for the ratings was changed to stable 
from negative.

The principal methodologies used in the rating of Norinchukin were "Bank
Financial Strength Ratings: Global Methodology" and "Incorporation of 
Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology," 
both of which can be found at www.moodys.com in the Credit Policy & 
Methodologies directory, in the Ratings Methodologies subdirectory.

Other methodologies and factors that may have been considered in the 
process of rating these issuers can also be found in the Credit Policy & 
Methodologies directory.

The Norinchukin Bank, headquartered in Tokyo, is the central institution 
for Japan's agricultural, forestry, and fishery cooperatives. It had 
non-consolidated assets totalling JPY62 trillion as of end-March 2009.