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Japan's Sojitz 'BB' Rating Remains On Watch Positive On Ongoing Capital Improvement
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.
TOKYO (Standard & Poor's) Jan. 5, 2007--Standard & Poor's Ratings Services today said its 'BB' long-term corporate credit rating on Sojitz Corp. remains on CreditWatch with positive implications. The ratings were placed on CreditWatch on April 28, 2006, on expectations that Sojitz's capital quality would improve rapidly following the company's announcement of a capital restructuring plan to issue -300 billion in convertible bonds (CB) and buy back preferred stock worth -560.4 billion. The long-term corporate credit rating on Sojitz was raised one notch to 'BB' on Sept. 29, 2006, reflecting the company's improved capital quality from the conversion of -100 billion of its CB into common shares as of Sept. 21, 2006, and better balance between asset risk volume against...
Companies mentioned in this report are: Sojitz Corp.
Action: CreditWatch Update