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S&P ups Mitsubishi Motors
Standard & Poor's said it raised its rating on Mitsubishi Motors Corp.'s (CC/negative/--) senior unsecured bonds to B- from CCC+ and removed the rating from CreditWatch, where it was placed April 2.
The outlook on the senior unsecured bond rating is stable.
"The upgrade on MMC's senior unsecured bonds reflects the view that planned financial support for the carmaker will reduce the likelihood of the company defaulting on its bonds," said Chizuko Satsukawa, a credit analyst at S&P.
The ¥450 billion support plan, announced May 21, includes a capital infusion of preferred shares by Bank of Tokyo-Mitsubishi Ltd. (BBB+/Watch positive/A-2), Mitsubishi Corp. (A-/stable/A-2), Mitsubishi Heavy Industries Ltd. (BBB/stable/--), and others. It also includes a debt-for-equity swap on bank loans by Bank of Tokyo-Mitsubishi and Mitsubishi Trust & Banking Corp. (BBB+/Watch positive/A-2), and a capital infusion by Phoenix Capital and J.P. Morgan Securities.
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