Japan's Sojitz Upgraded To 'BB' On Improved Profitability; Still On Watch Positive
- ID: 1771195
- Region: Japan
- Standard & Poors
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Research type: News
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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