TOKYO (Standard&Poor's) Oct. 13, 2010--Standard&Poor's Ratings Services today assigned its preliminary 'AA-' debt rating to the shelf registration for senior unsecured bonds issued by Mitsui Sumitomo Insurance Co. Ltd. (MSI; AA-/Stable/A-1+). The rating on MSI is based on Standard&Poor's view as follows: MSI is a core operating company within the MS&AD Insurance Group. MSI maintains a solid business franchise in corporate and individual insurance, backed by its strong ties with Mitsui and Sumitomo corporate groups. MSI is expanding its overseas business, especially in Asia. MSI maintains capitalization at a level commensurate with the rating, although it is vulnerable to stock price fluctuations. MSI's profitability is weaker than its international peers, but we have seen
