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Summary: Sojitz Corp.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Strengthened financial profile following a debt-for-equity swap and asset restructuring in October 2004. Weak market position. Low capital quality, with high reliance on preferred stock. Core business sectors have uncertain prospects for profit growth. Sojitz Corp.'s financial profile is improving, owing to its recent financial restructuring and support from creditor banks. In 2003, Sojitz received a capital injection of about -263 billion from its key creditor banks, led by its main bank, UFJ Bank Ltd. The company received an additional -360 billion through a swap of its holding company's debt for equity in October 2004. In exchange for the capital support, Sojitz pledged to take aggressive measures to improve the quality of its assets by reducing their size by -600...
Companies mentioned in this report are: Sojitz Corp.