Japan's Sojitz 'BB' Rating Remains On Watch Positive On Ongoing Capital Improvement
- ID: 1771220
- Region: Japan
- Standard & Poors
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Research type: News
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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