...TOKYO (S&P Global Ratings) Sept. 12, 2018--S&P Global Ratings today said it has assigned its '##-' issue credit rating to Seven & i Holdings Co. Ltd.'s (##-/Negative/--) U.S. dollar-denominated unsecured straight bonds. The $600 million bonds have a fixed coupon rate of 3.350% and are due on Sept. 17, 2021. We equalize the issue rating with our long-term issuer credit rating on the company. This is because the company has low enough debt to limit the risk that liabilities at subsidiaries would significantly hinder payment of the unsecured debt. The rating on the company reflects our view that it has relatively high and stable profitability and strong cash flow generation as one of Japan's two largest retailing groups, even though some of its businesses have low profitability. The company operates its core convenience store business through a franchise system and has a leading position in both Japan and North America under its globally recognized "7-Eleven" brand. However, the acquisition...
