Mitsubishi Corp. Proposed Subordinated Loans Rated 'BBB+' And Assessed As Having Intermediate Equity Content

TOKYO (S&P Global Ratings) March 31, 2026--S&P Global Ratings today said it has assigned its 'BBB+' 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 the full amount of ¥200 billion to be raised through the subordinated loans to refinance existing subordinated bonds of ¥30 billion and ¥130 billion, issued in September 2016 and September 2021, respectively, and existing subordinated loans borrowed in September 2021 of ¥40 billion. The existing bonds and loans are callable and prepayable from September 2026. Our rating on the proposed subordinated loans is two notches lower than our 'A' long-term issuer credit rating on Mitsubishi Corp. Under our notching methodology, we deduct one notch

...March 30, 2026 TOKYO (S&P Global Ratings) March 31, 2026--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 the full amount of Ñ200 billion to be raised through the subordinated loans to refinance existing subordinated bonds of Ñ30 billion and Ñ130 billion, issued in September 2016 and September 2021, respectively, and existing subordinated loans borrowed in September 2021 of Ñ40 billion. The existing bonds and loans are callable and prepayable from September 2026. Our rating on the proposed subordinated loans is two notches lower than our 'A' long-term issuer credit rating on Mitsubishi Corp. Under our notching methodology, we deduct one notch each for subordination of the loans and payment flexibility due to optional deferability of interest. We classify the subordinated loans as having intermediate equity content until 2031 for...

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