Research Update: Alexander & Baldwin Inc. Ratings Withdrawn At Company's Request Aug 11

Standard & Poors, August 2011

Abstract
On Aug. 22, 2011, Standard & Poor's Ratings Services withdrew its 'BBB+' corporate credit ratings on Alexander & Baldwin Inc. and its subsidiary, Matson Navigation Co. Inc. The ratings were withdrawn at the company's request following an amendment to its credit agreement that no longer requires the maintenance of a credit rating. Standard & Poor's does not rate any of the company's outstanding debt issues. Methodology And Assumptions: Standard & Poor's Standardizes Liquidity Descriptors for Global Corporate Issuers, July 2, 2010 Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, May 27, 2009 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 Not Rated Action; Outlook Action To From Alexander & Baldwin Inc. Corporate Credit Rating NR/-- BBB+/Stable/-- Matson Navigation Co. Inc. Corporate...

Companies mentioned in this report are: Alexander & Baldwin Inc.,Matson Navigation Co. Inc.
Action: Withdrawn

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Alexander & Baldwin Inc.,Matson Navigation Co. Inc.

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