TOKYO (Standard&Poor's) May 19, 2005--Standard&Poor's Ratings Services said today that its rating on Sojitz Corp. (BB-/Stable/--) would not be affected by the issuance of convertible bonds by its parent, Sojitz Holdings Corp. The holding company announced a plan to issue convertible and warrant bonds worth ¥60 billion through a third party, and to repurchase and redeem preferred stock worth ¥52.6 billion. According to the announcement, Sojitz Holdings plans to increase its capital by converting the warrant and convertible bonds into common stock and use the proceeds, in all or in part, to repurchase and redeem preferred stock worth ¥52.6 billion before the conversion period starts in May 2006. Standard&Poor's takes into account the consolidated
