Japan's Sojitz Upgraded To 'BB' On Improved Profitability; Still On Watch Positive

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. 29, 2006--Standard & Poor's Ratings Services today raised its long-term corporate credit rating on Sojitz Corp. to 'BB' from 'BB-' and its long-term senior unsecured debt rating on the company to 'BBB-' from 'BB+', reflecting Sojitz's improved capitalization and profitability. The corporate credit rating remains on CreditWatch with positive implications, while the long-term senior unsecured debt rating was removed from CreditWatch. The ratings were placed on CreditWatch with positive implications on April 28, 2006, following Sojitz's announcement of its plan to issue -300 billion in convertible bonds and buy back preferred stock worth -560.4 billion. "Sojitz has refocused on its core businesses after completing a financial restructuring plan started in fiscal 2004," said Standard &...

Companies mentioned in this report are: Sojitz Corp.
Action: On CreditWatch:Positive
Action: Removed From CreditWatch
Action: Upgraded

Sojitz Corp.

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