| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Sojitz Corp. > News item |
S&P: Sojitz still on positive watch
Standard & Poor's said its BB long-term corporate credit rating on Sojitz Corp. remains on CreditWatch with positive implications.
The ratings were placed on CreditWatch on April 28, 2006, on expectations that Sojitz's capital quality would improve rapidly following the company's announcement of a capital restructuring plan to issue ¥300 billion in convertible bonds and buy back preferred stock worth ¥560.4 billion, S&P added.
The agency noted that the long-term corporate credit rating on Sojitz was raised one notch to BB on Sept. 29, reflecting the company's improved capital quality from the conversion of ¥100 billion of its convertibles into common shares as of Sept. 21 and better balance between asset risk volume against capitalization and profitability.
However, the pace of the conversion has been decelerating since the end of September and Sojitz had converted a total of only ¥125 billion of its bonds as of Dec. 26, according to the agency.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.