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Bond Rating on Japan-Based Sojitz Raised to 'BB' on New Capital Injection, Restructuring Plan
Standard & Poors
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
TOKYO (Standard & Poor's) Sept. 8, 2004--Standard & Poor's Ratings Services today raised its senior unsecured bond rating on Sojitz Corp. to 'BB' from 'B+' and removed the rating from CreditWatch where it had been placed on June 8, 2004. Its long-term 'CCC' corporate credit rating remains on CreditWatch with developing implications. The action follows Sojitz' announcement of its new business plan, which involves a thorough restructuring and injection of capital, and is expected to significantly improve Sojitz' asset quality and capitalization. The new plan includes asset disposal and debt reduction. Sojitz will incur -400 billion of losses from restructuring and disposing of assets. At the same time, -370 billion in capital, -360 billion of which will be preferred stock,...
Companies mentioned in this report are: Sojitz Corp.,UFJ Bank Ltd.
Action: CreditWatch Update
Action: Upgraded
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