Credit Trends: Credit Quality Benefits From Allure Of Higher Growth In Japan Oct 03

Standard & Poors, October 2003

Abstract
(Editor's note: The tables in this article are designed for exporting in certain Standard & Poor's products; therefore, printing quality may vary. Changing your page orientation to landscape mode, reducing your page margins, and/or reducing the text size in your browser may improve the printed output.) Credit quality in Japan improved in the third quarter based on the proportion of downgrades to total rating actions, although the small sample size highlights the need for caution in drawing overly positive conclusions. As of Oct. 21, Standard & Poor's Ratings Services reviewed its ratings coverage to meet the needs of a wider range of investors. The review resulted in new ratings being assigned to 100 companies, outlooks being assigned to 107 ratings,...

Companies mentioned in this report are: Canada,UFJ Bank Ltd.,Japan (Unsolicited Ratings),Aozora Bank Ltd.,Tokyo Electric Power Co. Inc.,ORIX Corp.,Fujitsu Ltd.,Bank of Tokyo-Mitsubishi Ltd. ,Nippon Oil Corp.,IHI Corp.,Sumitomo Mitsui Banking Corp.,Resona Bank Ltd.

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.

Canada,UFJ Bank Ltd.,Japan (Unsolicited Ratings),Aozora Bank Ltd.,Tokyo Electric Power Co. Inc.,ORIX Corp.,Fujitsu Ltd.,Bank of Tokyo-Mitsubishi Ltd. ,Nippon Oil Corp.,IHI Corp.,Sumitomo Mitsui Banking Corp.,Resona Bank Ltd.

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