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ACOM Co. Ltd. Jul 10

Standard & Poors, July 2010


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Abstract
Strong business franchise in Japan's consumer loan market Potential support from Mitsubishi UFJ Financial Group Inc. given its position as a consolidated subsidiary Declining profitability due to large claims for refunds of overpaid interest and the amended Money Lending Business Law ACOM Co. Ltd. (BBB/Negative/A-2) is one of Japan's four largest consumer finance companies with a solid business franchise in unsecured consumer loans. The company's operating receivables totaled -1.2 trillion on a consolidated basis at the end of March 2010, ranking second in the industry. The loan business accounts for 83% of its operating revenue in fiscal 2009 (ended March 31, 2010). The business environment for Japan's consumer finance companies has become increasingly challenging due to stricter regulations and the...

Companies mentioned in this report are: ACOM Co. Ltd.,Union Bank N.A.,Mitsubishi UFJ Trust and Banking Corp.,UnionBanCal Corp.,UFJ Finance Aruba AEC,Master Trust Bank of Japan Ltd.,Tokai Preferred Capital Co. LLC,BOT Lease Co. Ltd.,Mitsubishi UFJ Financial Group Inc.,Bank of Tokyo-Mitsubishi UFJ Ltd.,MUFG Capital Finance 1 Ltd.,MUFG Capital Finance 2 Ltd.,MUFG Capital Finance 3 Ltd.,MUFG Capital Finance 4 Ltd.,MUFG Capital Finance 5 Ltd.,Bank of Tokyo-Mitsubishi UFJ (China) Ltd.,Bank of Tokyo-Mitsubishi UFJ Ltd. (Paris Branch)
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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