- Published: June 2012
- 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: Full Analysis
Strengthened financial profile following a debt-for-equity swap and asset restructuring in October 2004 Low capital quality, with high reliance on preferred stock New risk management system still under development 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. In October 2004, it swapped its holding company's debt for equity worth -370 billion. Under a new business plan, the company reduced assets by -620 billion and loss disposition by -430 billion in order to restore asset quality. Following this extensive restructuring, Sojitz's asset quality improved substantially. The company's convertible bonds of -60...
Companies mentioned in this report are: Sojitz Corp.
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