TOKYO (Standard&Poor's) Aug. 21, 2008--Standard&Poor's Ratings Services today affirmed its 'A-' long-term corporate credit and senior unsecured debt ratings on Aeon Co. Ltd. (Aeon). The affirmation reflects Aeon's shift to a pure holding company structure. The outlook on the long-term rating on the company remains stable. Aeon became a pure holding company today following the demerger of the company's business divisions to create a 100% subsidiary, Aeon Retail Co. Ltd. The holding company retains authority over Aeon Retail and the other operating subsidiaries in the group, in terms of essential management decision making, which includes: -- Strategy formulation for the group's main businesses; -- Financing for group companies, excluding listed operating subsidiaries; and -- Management personnel
