...June 23, 2022 TOKYO (S&P Global Ratings) June 24, 2022--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 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 Ñ40 billion it raises from the loan to partially replace and prepay on July 11, 2022, the Ñ100 billion subordinated loans it issued in July 2015. We will classify the proposed subordinated loan as having intermediate equity content until 2027. We will regard 50% of the total issuance amount as equity and the remaining 50% as debt. The contractual characteristics of the subordinated loan--the issuer's option to defer interest payments,...
