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Ratings Roundup: Increase In Upgrades Lifts Japan?s Credit Quality In 2007 Dec 07

  • ID: 1771287
  • December 2007
  • Region: Japan
  • Standard & Poors
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  • Aiful Corp.
  • Fuji Xerox Co. Ltd.
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  • Mitsui Fudosan Co. Ltd.
  • NIS Group Co. Ltd.
  • SoftBank Group Corp.
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Abstract
Upgrades in the Japanese corporate and financial sectors significantly outnumbered downgrades in 2007, with 87 upgrades versus eight downgrades between Jan. 1, 2007, and Dec. 27, 2007, indicating that the credit revival that started in 2004 remains strong. Upgrades by Standard & Poor's Ratings Services in 2007 extended over nearly all sectors, from corporations to banks, insurers, and sovereign-related entities, showing that credit quality has improved for a wide range of issuers in Japan. In April, Standard & Poor's raised its sovereign rating on Japan to 'AA' from 'AA-'. The rationale for the upgrade included financial reorganization, normalization of financial measures, and progress in restructuring. This was the first upward revision of the sovereign rating since Japan was initially assigned...

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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- Komatsu Ltd.
- Shinsei Bank Ltd.
- Panasonic Corp.
- Mitsubishi Estate Co. Ltd.
- Nippon Telegraph & Telephone Corp.
- Japan
- Aozora Bank Ltd.
- Mitsubishi Electric Corp.
- Japan Bank for International Cooperation (Old)
- Tokyo Electric Power Co. Inc.
- Sumitomo Mitsui Trust Bank Ltd.
- Mitsubishi UFJ Trust and Banking Corp.
- Hokuriku Bank Ltd.
- Aioi Insurance Co. Ltd.
- Shizuoka Bank Ltd.
- Japan Finance Corp. for Municipal Enterprises
- Toshiba Corp.
- Mitsui Fudosan Co. Ltd.
- Chiba Bank Ltd.
- Fujitsu Ltd.
- ITOCHU Corp.
- Shikoku Electric Power Co. Inc.
- Tokyo Gas Co. Ltd.
- Takefuji Corp.
- SoftBank Group Corp.
- Sanyo Shinpan Finance Co. Ltd.
- Asahi Mutual Life Insurance Co.
- Sumitomo Life Insurance Co.
- Hachijuni Bank Ltd.
- Juroku Bank Ltd.
- All Nippon Airways Co. Ltd.
- Nippon Steel & Sumitomo Metal Corp.
- Kawasaki Kisen Kaisha Ltd.
- Nippon Yusen KK
- Mitsui O.S.K. Lines Ltd.
- Mitsubishi Chemical Corp.
- Barclays Global Investors Trust & Banking Co. Ltd.
- Mitsubishi Motors Corp.
- Sumitomo Realty & Development Co. Ltd.
- Master Trust Bank of Japan Ltd.
- Tokyu Corp.
- Tobu Railway Co. Ltd.
- Odakyu Electric Railway Co. Ltd.
- The Prudential Life Insurance Co. Ltd.
- Kyushu Electric Power Co. Inc.
- Tohoku Electric Power Co. Inc.
- Yamaguchi Bank Ltd.
- Keiyo Bank Ltd.
- Daiwa Securities Capital Markets Co. Ltd.
- Shiseido Co. Ltd.
- Japan Tobacco Inc.
- NIS Group Co. Ltd.
- Taiheiyo Cement Corp.
- Mitsubishi Materials Corp.
- Mitsubishi Heavy Industries Ltd.
- Keihin Electric Express Railway Co. Ltd.
- Nankai Electric Railway Co. Ltd.
- Furukawa Electric Co. Ltd.
- NTT DOCOMO Inc.
- Chuo Mitsui Trust & Banking Co. Ltd.
- JPMorgan Securities Japan Co. Ltd.
- Mizuho Trust & Banking Co. Ltd.
- Sumitomo Mitsui Banking Corp.
- The Gibraltar Life Insurance Co. Ltd.
- Mitsui Sumitomo Insurance Co. Ltd.
- Citigroup Overseas Holdings Inc.
- KDDI Corp.
- AXA Financial Life Insurance Co. Ltd.
- Mizuho Bank Ltd.(Old)
- Mizuho Bank Ltd.
- NTT Finance Corp.
- Nikko Cordial Corp.
- Casio Computer Co. Ltd.
- Mizuho Financial Group Inc.
- Toyota Tsusho Corp.
- Sumitomo Mitsui Financial Group Inc.
- Sojitz Corp.
- Japan Trustee Services Bank Ltd.
- Trust & Custody Services Bank Ltd.
- Mitsui Sumitomo Aioi Life Insurance Co. Ltd.
- Japan Expressway Holding and Debt Repayment Agency
- Bank of Tokyo-Mitsubishi UFJ Ltd.
- Deutsche Securities Inc.
- Mitsubishi Chemical Holdings Corp.
- Toho Gas Co. Ltd.
- Osaka (City of)
- Toyo Corp.
- Citibank Japan Ltd.
- Niigata (City of)
- Nomura Real Estate Residential Fund Inc.
- Toyo Property Co. Ltd.
- Nippon Life Insurance Co.
- Osaka Gas Co. Ltd.
- Chubu Electric Power Co. Inc.
- Chugoku Electric Power Co. Inc.
- Joyo Bank Ltd.
- The Fuji Fire & Marine Insurance Co. Ltd.
- Aiful Corp.
- NCT Trust and Banking Corp.
- Bank of Fukuoka Ltd.
- Hankyu Hanshin Holdings Inc.
- Kajima Corp.
- Taisei Corp.
- Fuji Xerox Co. Ltd.
- Hokkaido Electric Power Co. Inc.
- Kansai Electric Power Co. Inc.
- Kawasaki Heavy Industries Ltd.
- MassMutual Life Insurance Co.
- Cedyna Financial Corp.
- Nagoya Railroad Co. Ltd.
- AXA Life Insurance Co. Ltd.
- Japan Housing Finance Agency
- Nippon Building Fund Inc.
- Mitsubishi UFJ Financial Group Inc.
- JFE Steel Corp.
- JFE Holdings Inc.
- Electric Power Development Co. Ltd.
- Tokio Marine & Nichido Fire Insurance Co. Ltd.
- ShinGinko Tokyo Ltd.
- Okinawa Electric Power Co. Inc.
- Mazda Motor Corp.
- Mitsui Sumitomo Primary Life Insurance Co. Ltd.
- Kyoto (City of)
- Elpida Memory Inc.
- Tokio Marine & Nichido Life Insurance Co. Ltd.
- Kyoei Fire & Marine Insurance Co. Ltd.

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