...September 3, 2021 TOKYO (S&P Global Ratings) Sept. 3, 2021--S&P Global Ratings today said it has assigned its '###+' issue credit rating to Mitsubishi Corp.'s (A/Stable/A-1) proposed subordinated bonds. The rating is two notches lower than our long-term issuer credit rating on the Japan-based general trading and investment company. The two-notch differential reflects our notching methodology, whereby we deduct one notch for the subordination of the bonds and one additional notch for the issuer's option to defer interest payments. The company plans to use all of the Ñ130 billion it raises to partially replace and prepay on Sept. 13, 2021, the subordinated bonds it issued in September 2016. Using other funds already raised, it plans to refinance a total of Ñ170 billion. We will classify the proposed subordinated bonds as having intermediate equity content until 2026. We will regard 50% of the total issuance amount as equity and the remaining 50% as debt. The contractual characteristics of...
