Mitsubishi Corp.'s Proposed Subordinated Notes Likely To Be Two Notches Below Corporate Rating - S&P Global Ratings’ Credit Research

Mitsubishi Corp.'s Proposed Subordinated Notes Likely To Be Two Notches Below Corporate Rating

Mitsubishi Corp.'s Proposed Subordinated Notes Likely To Be Two Notches Below Corporate Rating - S&P Global Ratings’ Credit Research
Mitsubishi Corp.'s Proposed Subordinated Notes Likely To Be Two Notches Below Corporate Rating
Published May 15, 2015
3 pages (1038 words) — Published May 15, 2015
Price US$ 150.00  |  Buy this Report Now

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Abstract:

TOKYO (Standard&Poor's) May 15, 2015--Standard&Poor's Ratings Services today said that it would likely rate the proposed subordinated notes that Mitsubishi Corp. (A+/Stable/A-1) intends to issue in June two notches below the long-term corporate credit rating on the company if it were to rate the issue. This view is based on Standard&Poor's criteria for rating hybrid securities. The Japan-based general trading and investment company has submitted an amended shelf registration statement for the proposed notes that will include optional interest deferral and call option clauses. When we rate subordinated notes with optional interest deferral, if the corporate credit rating on the issuer is 'BBB-' or above, we generally deduct one notch each for contractual subordination

  
Brief Excerpt:

...TOKYO (Standard & Poor's) May 15, 2015--Standard & Poor's Ratings Services today said that it would likely rate the proposed subordinated notes that Mitsubishi Corp. (A+/Stable/A-1) intends to issue in June two notches below the long-term corporate credit rating on the company if it were to rate the issue. This view is based on Standard & Poor's criteria for rating hybrid securities. The Japan-based general trading and investment company has submitted an amended shelf registration statement for the proposed notes that will include optional interest deferral and call option clauses. When we rate subordinated notes with optional interest deferral, if the corporate credit rating on the issuer is '###-' or above, we generally deduct one notch each for contractual subordination and deferral (coupon nonpayment) risk, resulting in a two-notch deduction from the corporate credit rating. RELATED CRITERIA AND RESEARCH Related Criteria + Principles Of Credit Ratings, Feb. 16, 2011 + 2008 Corporate...

  
Report Type:

News

Ticker
8058@JP
Issuer
Mitsubishi Corp.
GICS
Trading Companies & Distributors (20107010)
Sector
Global Issuers, Public Finance, Structured Finance
Country
Japan
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Mitsubishi Corp.'s Proposed Subordinated Notes Likely To Be Two Notches Below Corporate Rating" May 15, 2015. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Mitsubishi-Corp-s-Proposed-Subordinated-Notes-Likely-To-Be-Two-Notches-Below-Corporate-Rating-1398833>
  
APA:
S&P Global Ratings’ Credit Research. (). Mitsubishi Corp.'s Proposed Subordinated Notes Likely To Be Two Notches Below Corporate Rating May 15, 2015. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Mitsubishi-Corp-s-Proposed-Subordinated-Notes-Likely-To-Be-Two-Notches-Below-Corporate-Rating-1398833>
  
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