TOKYO (Standard&Poor's) Oct. 29, 2004--Standard&Poor's today lowered its long-term corporate credit rating on Sojitz Corp. to 'SD' from 'CC', and immediately assigned a new 'B+' corporate credit rating on the company. The outlook on the rating is stable. At the same time, the rating on Sojitz' senior unsecured bonds was affirmed at 'BB'. The ratings actions followed the completion of a capital injection of ¥370 billion mainly through a debt-for-equity swap (DES) by key creditor banks on Oct. 29, 2004. The new corporate credit rating represents the company's creditworthiness after the transaction. The capital injection coupled with debt reduction and thorough asset reassessment are expected to strengthen Sojitz' capitalization and improve its asset quality. Sojitz' net
