...November 8, 2023 TOKYO (S&P Global Ratings) Nov. 9, 2023--S&P Global Ratings today said it has assigned its '###+' issue credit rating to Japan-based Mitsubishi Corp.'s (A/Stable/A-1) proposed subordinated loans. The general trading and investment company plans to use all Ñ46 billion to be raised through the subordinated loans to refinance part of an existing Ñ100 billion in subordinated loans borrowed in November 2016 that it plans to repay prior to maturity on Nov. 16, 2023. It plans to repay the remaining Ñ54 billion without any refinancing. As a result, the company's subordinated instruments, which we classify as having intermediate equity content, will fall 10% from Ñ540 billion to Ñ486 billion. We plan to assign a rating on the proposed subordinated loans two notches lower than our long-term issuer credit rating on Mitsubishi Corp. This is due to our notching methodology, whereby based on our criteria we deduct one notch each for subordination of the loans and payment flexibility...
