...June 16, 2020 TOKYO (S&P Global Ratings) June 17, 2020--S&P Global Ratings today said it has assigned its '###+' issue credit rating to Mitsubishi Corp.'s (A/Stable/A-1) proposed subordinated loan. 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 loan and one additional notch for the issuer's option to defer interest payments. The company plans to use all of the Ñ160 billion it raises to replace and prepay on June 18, 2020, the subordinated bonds it issued in June 2015. We assume Mitsubishi Corp. will execute its plan as announced to raise funds with the subordinated loan on June 18, 2020, which is the prepayment date for the Ñ160 billion in subordinated bonds it issued in June 2015. Based on this assumption, we will classify the proposed subordinated loan as having intermediate equity content...
