TOKYO (Standard&Poor's) April 20, 2005--Standard&Poor's Ratings Services today affirmed its long-term corporate credit and senior unsecured bond ratings on Aeon Co. Ltd. at 'A-', reflecting the company's stable business and financial profiles, and moderate financial policy. The outlook on the corporate credit rating remains stable. Aeon's business franchise has been fortified by the company's efforts to differentiate it from competitors and diversify revenue sources. Despite a rapid expansion of the company's business franchise, Aeon maintains a moderate financial profile backed by its strengths in shopping center development and operations, and financial services. The current management is expected to maintain its moderate financial policy and to undertake only investments in which the financial risks are appropriate for
