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Bond Rating on Japan-Based Sojitz Raised to 'BB' on New Capital Injection, Restructuring Plan

Published Sep 08, 2004

623 words — Published Sep 08, 2004

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Abstract:

TOKYO (Standard&Poor's) Sept. 8, 2004--Standard&Poor's Ratings Services today raised its senior unsecured bond rating on Sojitz Corp. to 'BB' from 'B+' and removed the rating from CreditWatch where it had been placed on June 8, 2004. Its long-term 'CCC' corporate credit rating remains on CreditWatch with developing implications. The action follows Sojitz' announcement of its new business plan, which involves a thorough restructuring and injection of capital, and is expected to significantly improve Sojitz' asset quality and capitalization. The new plan includes asset disposal and debt reduction. Sojitz will incur ¥400 billion of losses from restructuring and disposing of assets. At the same time, ¥370 billion in capital, ¥360 billion of which will be preferred stock,

Brief Excerpt:

RESEARCH Bond Rating on Japan-Based Sojitz Raised to '##' on New Capital Injection, Restructuring Plan Publication date: 08-Sep-2004 TOKYO (Standard & Poor's) Sept. 8, 2004--Standard & Poor's Ratings Services today raised its senior...

Report Type:

Ratings Action

Ticker

2768@JP

Issuer

Sojitz Corp.

GICS

Trading Companies & Distributors (20107010)

Sector

Global Issuers, Structured Finance

Country

Japan

Region

Asia

Format:

HTML

Sojitz Bond Rating Affirmed at 'BB', Issuer Rating Lowered to 'CC' on New Restructuring Plan – 2004/09/29 – US$ 150.00

Sojitz Assigned New 'B+' Rating After Completion of Capital Support Plan – 2004/10/29 – US$ 150.00

Rating On Japan's Sojitz Affirmed; No Impact From Losses On Commodities Transactions – 2005/03/10 – US$ 150.00

Research Update: Rating On Japan's Sojitz Affirmed: No Impact From Losses On Commodities Transactions – 2005/03/10 – US$ 225.00

Sojitz Corp. – 2005/04/13 – US$ 500.00

Ratings on Japan's Sojitz Corp. Still on Watch Developing – 2004/09/03 – US$ 150.00

Summary: Sojitz Corp. – 2004/08/12 – US$ 225.00

CreditWatch Implications on Japan's Sojitz Revised to Developing – 2004/07/27 – US$ 150.00

Japan's Sojitz Senior Bonds Remain 'B+' Despite Company Downgrade to 'CCC' – 2004/07/14 – US$ 150.00

Japan's Sojitz Downgraded to 'B-', on CreditWatch Negative – 2004/06/08 – US$ 150.00

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MLA:	S&P Global Ratings’ Credit Research. "Bond Rating on Japan-Based Sojitz Raised to 'BB' on New Capital Injection, Restructuring Plan" Sep 08, 2004. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Bond-Rating-on-Japan-Based-Sojitz-Raised-to-BB-on-New-Capital-Injection-Restructuring-Plan-394376>

APA:	S&P Global Ratings’ Credit Research. (). Bond Rating on Japan-Based Sojitz Raised to 'BB' on New Capital Injection, Restructuring Plan Sep 08, 2004. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Bond-Rating-on-Japan-Based-Sojitz-Raised-to-BB-on-New-Capital-Injection-Restructuring-Plan-394376>

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