Mitsubishi Corp.'s ?150 Billion Eurobond Issue Assigned 'BBB+' Rating May 02

Standard & Poors, May 2002

Abstract
TOKYO (Standard & Poor's) May 27, 2002--Standard & Poor's said today it had assigned its triple-'B'-plus rating to Mitsubishi Corp.'s -150 billion zero-coupon convertible Eurobonds due 2011. The corporate credit rating on Mitsubishi (BBB+/Negative/A-2) reflects the company's adequate credit quality, underpinned by its leading position among Japan's major general trading companies (GTCs). Mitsubishi has a diversified business profile, with significant positions in key consumer and industrial sectors of the Japanese and global economy. However, the trading company business model is under increasing pressure, as many traditional customers and suppliers find better alternatives to using GTCs as trade intermediaries. "A shift in Mitsubishi's strategic focus to long-term investments in traditional and nontraditional businesses has exposed it to heightened credit risks, especially...

Companies mentioned in this report are: Mitsubishi Corp.
Action: New Rating

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Research type: News
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Mitsubishi Corp.

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