TOKYO (Standard&Poor's) April 28, 2006--Standard&Poor's Ratings Services today placed its 'BB-' long-term corporate credit and 'BB+' senior unsecured debt ratings on Sojitz Corp. on CreditWatch with positive implications, reflecting expectations for improving capital quality. The general trading company announced today its plan to issue convertible bonds and buy back preferred stock. According to the plan, Sojitz will repurchase most of its outstanding preferred shares, valued at ¥560.4 billion, from all current shareholders. At the same time, Sojitz will issue ¥300 billion in convertible bonds through a private placement. After the conversion of the bonds into common stock, Sojitz will use the increased capital to redeem preferred shares from March 2007. Upon completion of the plan, the
