Upgrades Still Outstripping Downgrades In Japan In 1Q 2007 Apr 07

  • ID: 1771236
  • April 2007
  • Region: Japan
  • Standard & Poors
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  • 77 Bank Ltd.
  • Chiba Bank Ltd.
  • Juroku Bank Ltd.
  • Mizuho Bank Ltd.(Old)
  • Osaka Gas Co. Ltd.
  • Shinsei Bank Ltd.
  • MORE

Upgrades again surpassed downgrades among Japanese issuers in the first quarter of 2007. Standard & Poor's Ratings Services raised its ratings on 22 Japanese issuers and downgraded two. Standard & Poor's also revised upward 23 outlooks, which indicate the potential direction of ratings over six months to two years, and one downward. Overall, the percentage of Japanese issuers rated investment grade ('BBB-') or above rose slightly compared to the ratio at the end of 2006. In the corporate sector, three general electronics companies, including Matsushita Electric Industrial Co. Ltd., were upgraded in February, and Mitsui Fudosan Co. Ltd. and Furukawa Electric Co. Ltd. were upgraded in March. In March, five railway companies, such as Tokyu Corp., were upgraded and the...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- Canon Inc.
- Shinsei Bank Ltd.
- Panasonic Corp.
- Aozora Bank Ltd.
- Mitsubishi Electric Corp.
- Tokyo Electric Power Co. Inc.
- Sumitomo Mitsui Trust Bank Ltd.
- Mitsubishi UFJ Trust and Banking Corp.
- Aioi Insurance Co. Ltd.
- Mitsui Fudosan Co. Ltd.
- Chiba Bank Ltd.
- Fujitsu Ltd.
- Nippon Life Insurance Co.
- Osaka Gas Co. Ltd.
- Chubu Electric Power Co. Inc.
- Joyo Bank Ltd.
- Chugoku Electric Power Co. Inc.
- Shikoku Electric Power Co. Inc.
- Tokyo Gas Co. Ltd.
- The Dai-ichi Life Insurance Co. Ltd.
- Sumitomo Life Insurance Co.
- Bank of Yokohama Ltd.
- Hachijuni Bank Ltd.
- Juroku Bank Ltd.
- The Fuji Fire & Marine Insurance Co. Ltd.
- Kyoei Fire & Marine Insurance Co. Ltd.
- Suzuki Motor Corp.
- NCT Trust and Banking Corp.
- Master Trust Bank of Japan Ltd.
- Hankyu Hanshin Holdings Inc.
- Odakyu Electric Railway Co. Ltd.
- Kyushu Electric Power Co. Inc.
- Tohoku Electric Power Co. Inc.
- 77 Bank Ltd.
- Keiyo Bank Ltd.
- Shinkin Central Bank
- Daiwa Securities Capital Markets Co. Ltd.
- Japan Tobacco Inc.
- Mitsubishi Materials Corp.
- Sumitomo Electric Industries Ltd.
- Furukawa Electric Co. Ltd.
- Chuo Mitsui Trust & Banking Co. Ltd.
- Mizuho Trust & Banking Co. Ltd.
- Japan Housing Finance Agency
- Sumitomo Mitsui Banking Corp.
- Citigroup Overseas Holdings Inc.
- Mizuho Bank Ltd.(Old)
- Mizuho Bank Ltd.
- Mitsubishi UFJ Financial Group Inc.
- Nikko Cordial Corp.
- Mizuho Financial Group Inc.
- Toyota Tsusho Corp.
- Japan Prime Realty Investment Corp.
- Sumitomo Mitsui Financial Group Inc.
- Sojitz Corp.
- Japan Trustee Services Bank Ltd.
- Trust & Custody Services Bank Ltd.
- ShinGinko Tokyo Ltd.
- Okinawa Electric Power Co. Inc.
- Bank of Tokyo-Mitsubishi UFJ Ltd.
- Toho Gas Co. Ltd.
- Citibank N.A. (Japan Branches)
- Nippon Building Fund Inc.
- Sanyo Electric Co. Ltd.
- Tokyu Corp.
- Tobu Railway Co. Ltd.
- Hokkaido Electric Power Co. Inc.
- Kansai Electric Power Co. Inc.
- Nagoya Railroad Co. Ltd.

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