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BULLETIN: Rating On Sojitz Unaffected By Sojitz Holdings' Convertible Bond Issue
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) May 19, 2005--Standard & Poor's Ratings Services said today that its rating on Sojitz Corp. (BB-/Stable/--) would not be affected by the issuance of convertible bonds by its parent, Sojitz Holdings Corp. The holding company announced a plan to issue convertible and warrant bonds worth -60 billion through a third party, and to repurchase and redeem preferred stock worth -52.6 billion. According to the announcement, Sojitz Holdings plans to increase its capital by converting the warrant and convertible bonds into common stock and use the proceeds, in all or in part, to repurchase and redeem preferred stock worth -52.6 billion before the conversion period starts in May 2006. Standard & Poor's takes into account the consolidated...
Companies mentioned in this report are: Sojitz Corp.
Action: Bulletin
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