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MUMBAI:
Tokyo 2016, which is Japan's bid to host the Olympic and Paralympic
Games, was strengthened today as Standard & Poor's Ratings
Services assigned its 'AA' long-term issuer credit rating
to the Tokyo Metropolitan Government, confirming the financial
and economic stability of the city of Tokyo.
According to Standard & Poor's, Tokyo's economy compares
well with the national GDPs of G7 member countries, attracting
a large number of national and international enterprises.
Factors
that led to the double-A rating include Tokyo's sophisticated
financial management practices and its robust local tax base,
which lies at the heart of the Japanese and Asian economy,
and also provides the city with a strong independent source
of revenue.
Also
cited as a factor in Tokyo’s strong rating is the city’s
successful track record of streamlining fiscal reforms executed
under the leadership of Tokyo governor and Tokyo 2016 president
Shintaro Ishihara.
Tokyo
2016 CEO and chairman Dr Ichiro Kono welcomed the news as
an indication of the strong portfolio of assets Tokyo brings
to the bidding competition for the 2016 Olympic and Paralympic
Games.
“It
is a great honour for Tokyo to receive so high an evaluation from such a well-respected
and world-renowned rating body as Standard and Poor’s. With this endorsement
of Tokyo’s rock-solid financial infrastructure, we are more confident than
ever that we will deliver the most compact Olympic and Paralympic Games in history,
ushering in an incredible sporting, social, economic and environmental golden
era for the benefit of the city, Japan and the Olympic Movement.” | 
