TOKYO (Standard&Poor's) July 28, 2006--Standard&Poor's Ratings Services today said its 'BB-' long-term corporate credit and 'BB+' senior unsecured debt ratings on Sojitz Corp. remain on CreditWatch with positive implications as the company moves ahead with its plan to improve its capital quality. Standard&Poor's placed Sojitz on CreditWatch on April 28, following the announcement of its plan to issue ¥300 billion in convertible bonds and buy back its preferred stock worth ¥560.4 billion. The plan was ratified at the company's shareholders' meeting, and the conversion of its convertible bonds is now under way. Upon completion of the plan, Sojitz's ratio of preferred stock to capital will likely be very low, which should greatly improve its
