TOKYO (Standard&Poor's) June 8, 2004--Standard&Poor's Ratings Services today lowered its long-term corporate credit rating on Sojitz Corp. to 'B-' from 'B', and its rating on the company's senior unsecured debt to 'B+' from 'BB-'. At the same time, Standard&Poor's placed all its ratings on Sojitz on CreditWatch with negative implications. The downgrade and CreditWatch listing reflect Standard&Poor's view that the possibility exists that the restructuring plan for Sojitz may be reviewed, which may lead to some form of debt restructuring. Although Sojitz has undertaken substantial restructuring and capital enhancement during the past 12 months, the company's financial profile remains weak. UFJ Bank Ltd. has already extended massive support to the company, including
