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Profits At Japan's Major General Traders Rose In 1H FY2011 On Stronger Commodity Markets, Says S&P Report Nov 11
Standard & Poors, November 2011
TOKYO (Standard & Poor's) Nov. 14, 2011--A recovery in commodity prices, particularly for crude oil and iron ore, boosted the consolidated net profits of five of Japan's six rated major general trading companies (GTCs) in the first half of fiscal 2010 (April 1, to Sept. 30, 2011). In a Japanese-language report published today, Standard & Poor's Ratings Services said the GTCs also increased exports of automobiles and steel products, while their food and chemical products businesses performed strongly. The five GTCs that reported year-on-year profit increases are: Mitsui & Co. Ltd. (A+/Stable/A-1), Sumitomo Corp. (A/Stable/A-1), ITOCHU Corp. (A-/Stable/A-2), Marubeni Corp. (BBB/Stable/--), and Sojitz Corp. (BBB-/Stable/--). On the other hand, Mitsubishi Corp. (A+/Stable/A-1) recorded a profit decline. Resource and energy prices,...
Companies mentioned in this report are: Mitsui & Co. Ltd.,Mitsubishi Corp.,Sumitomo Corp.,Marubeni Corp.,ITOCHU Corp.,Sojitz Corp.
Action: General Comment
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
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Mitsui & Co. Ltd.,Mitsubishi Corp.,Sumitomo Corp.,Marubeni Corp.,ITOCHU Corp.,Sojitz Corp.