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Research Update: Nine Japanese Companies Bond Ratings Raised; Issuer Ratings Affirmed Mar 05 Product Image

Research Update: Nine Japanese Companies Bond Ratings Raised; Issuer Ratings Affirmed Mar 05

  • Published: March 2005
  • Region: Japan
  • Standard & Poors

Abstract
On March 9, 2005, Standard & Poor's Ratings Services raised its long-term debt ratings to 'BBB' from 'BBB-' on the senior unsecured bonds of Itochu Corp., JFE Steel Corp., JFE Holdings Inc., Nippon Steel Corp., Nippon Oil Corp., Mitsubishi Chemical Corp., Oji Paper Co. Ltd., and Nagoya Railroad Co. Ltd. (see list below). At the same time, Standard & Poor's raised its long-term debt rating on the senior unsecured bonds of Marubeni Corp. to 'BBB-' from 'BB+'. All corporate credit ratings on the nine companies were affirmed. These actions follow Standard & Poor's ongoing review of Japanese banks' practice of extending loan waivers, including debt-for-equity swaps, as part of its credit analysis of Japanese corporate bonds as stated in September...

Companies mentioned in this report are: ITOCHU Corp.,Marubeni Corp.,Nippon Steel Corp.,Mitsubishi Chemical Corp. (Unsolicited Ratings),Nippon Oil Corp.,Nagoya Railroad Co. Ltd.,Oji Paper Co. Ltd.,JFE Steel Corp.,JFE Holdings Inc.
Action: Affirmed
Action: Upgraded

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ITOCHU Corp.,Marubeni Corp.,Nippon Steel Corp.,Mitsubishi Chemical Corp. (Unsolicited Ratings),Nippon Oil Corp.,Nagoya Railroad Co. Ltd.,Oji Paper Co. Ltd.,JFE Steel Corp.,JFE Holdings Inc.

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