On July 27, 2004, Standard&Poor's Ratings Services revised its CreditWatch status to developing from negative on its 'CCC' long-term corporate and 'B+' senior unsecured bond ratings on Sojitz Corp. The action follows Sojitz' announcement of a new business plan on July 23, 2004. The ratings on Sojitz were placed on CreditWatch on June 8, 2004. CreditWatch with developing implications indicates that the ratings on Sojitz could be revised downward or upward, with the latter depending on whether the new plan, which includes a capital increase, strengthens Sojitz' financial profile. The new plan does not indicate any debt forgiveness or a debt-for-equity swap on Sojitz's debt obligations, although some uncertainty remains. The new restructuring plan, which aims to accelerate
