Report title: Ratings On Kirin Holdings Lowered To 'A+', Removed From CreditWatch; Outlook Stable
from S&P Credit Research
1210 word report published Feb 21, 2008

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Abstract: TOKYO (Standard&Poor's) Feb. 21, 2008--Standard&Poor's Ratings Services today lowered its long-term corporate credit and long-term senior unsecured debt ratings on Kirin Holdings Co. Ltd. by one notch to 'A+', reflecting the view that it will take longer than expected for the company to regain its former solid financial profile. At the same time, the ratings were removed from CreditWatch, where they were first placed with negative implications on Oct. 23, 2007, following the announcement of its plan to pursue a strategic business alliance with Kyowa Hakko Kogyo Co. Ltd. (NR). The ratings remained on CreditWatch with negative implications, following the company's formal announcement of its plan to acquire all the shares in major Australian dairy foods

Brief Excerpt: RESEARCH Ratings Definitions Ratings On Kirin Holdings Lowered To 'A+', Removed From CreditWatch; Outlook Stable Publication date: 21-Feb-2008 Primary Credit Analyst: Machiko Amano, Tokyo (81) 3-4550-8659; machiko_amano@standardandpoors.com...

Report Type: Ratings Action
Ticker: 2503@JP
Issuer: Kirin Holdings Co. Ltd. (Unsolicited Ratings)
GICS: Brewers (30201010)
Sector: Consumer Products, Corporations, Global Issuers
Country: Japan
Region: United States
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