TOKYO (Standard & Poor's) Dec. 15, 2011--Standard & Poor's Ratings Services today assigned its 'A+' rating to Mitsubishi Corp.'s (A+/Stable/A-1) Series No. 13 ¥30 billion unsecured floating-rate syndicated loan maturing on Jan. 27, 2017. The interest rate on the loan is three-month LIBOR plus one basis point. Like ratings on bonds, bank loan ratings are a form of issue rating. And through our analysis of an individual bank loan's preservative attachment, such as collateral, and priority among other loans, bank loan ratings take into account the probability of default along with likely recovery prospects. Bank lenders will be treated the same as other senior creditors in the event of a bankruptcy or default since the floating-rate syndicated loan is unsecured....
Companies mentioned in this report are:
- Mitsubishi Corp.
Action: New Rating
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