TOKYO (Standard&Poor's) July 27, 2004--Standard&Poor's Ratings Services today revised the CreditWatch status to developing from negative on its 'CCC' long-term corporate and 'B+' senior unsecured bond ratings on Sojitz Corp. The action follows Sojitz' announcement of a new business plan on July 23, 2004. The ratings on Sojitz were placed on CreditWatch on June 8, 2004. CreditWatch with developing implications means the ratings on Sojitz could be revised downward or upward, with the latter depending on the impact of the new plan, including a capital increase, in strengthening Sojitz' financial profile. In addition, the new plan does not appear to indicate any debt forgiveness or a debt-for-equity swap on Sojitz's debt obligations, although some uncertainty remains.
