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Bulletin: Ratings On Sojitz Unaffected By Loss Forecast For FY 2011 Dec 11
Standard & Poors, Dec 2011
Abstract
TOKYO (Standard & Poor's) Dec. 12, 2011--Standard & Poor's Ratings Services said today its ratings on Sojitz Corp. (BBB-/Stable/--) are unaffected after the general trading company revised its forecast for fiscal 2011 (ending March 31, 2012) to a loss from its previous forecast for a gain. Sojitz now expects to post a net loss of -12 billion, compared with its earlier forecast for a -16 billion profit. This is a result of its drawing down deferred tax assets in response to the proclamation of a law related to lowering corporate taxes. Our ratings on Sojitz are unaffected because the loss forecast is due to an accounting adjustment and does not accompany outward cash flow. Therefore, we expect the impact on...
Companies mentioned in this report are: Sojitz Corp.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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