TOKYO (Standard&Poor's) July 13, 2004--Standard&Poor's Ratings Services today raised its long-term corporate and senior unsecured bond ratings on Aeon Co. Ltd. to 'A-' from 'BBB+', reflecting increased stability in the group's business and financial profiles. The outlook on the long-term corporate credit rating is stable. "The upgrade reflects progress in Aeon's management strategy of differentiating itself from its peers, particularly in suburban shopping centers, which are attracting more customers," said Standard&Poor's credit analyst Machiko Amano. "The company's financial profile has stabilized as the company has reduced net debt despite its aggressive business expansion," Ms. Amano added. In fiscal 2003 (ended February 2004), Aeon posted ¥3,546.2 billion in total revenues on a consolidated basis, the
