The rating on Sojitz Corp. (BBB-/Stable/--) reflects adequate risk management, including low concentration risk in its asset portfolio, and "strong" liquidity, backed by close relationships with its main bank and other creditor banks. The company also has a stable financial profile, supported by its prudent investment stance. These strengths are partly offset by a weak capital base and a weak business franchise in comparison with its peers, due to its low exposure to high-margin energy resource-related interests. For Sojitz to improve its credit quality, Standard&Poor's Ratings Services believes that the company faces a key challenge to establish a business base that enables the company to secure stable earnings. In our view, the company's credit profile could improve if
