Fitch Ratings has placed an F1 short-term rating on Mizuho Markets Cayman's $270 million senior guaranteed notes, according to a Thursday release.

Mizuho Financial Group's (TYO:8411) banking arm, Mizuho Bank, guarantees the $10 billion medium-term program in which the notes are issued.

The senior notes will serve as the obligations of the bank and the Cayman branch.

The notes' rating matches the bank's short-term issuer default rating, since it guarantees the related payments.

Changes in the bank's rating will prompt similar actions on the notes, Fitch said.