S&P affirms Sojitz

Standard & Poor's said it affirmed its BB- long-term issuer and BB+ long-term debt ratings on Sojitz Corp., reflecting the limited impact on the company's credit quality from extraordinary losses on commodities transactions.

The outlook on the long-term rating remains stable.

Sojitz Holdings Corp. (NR) announced on March 9 that it would post an extraordinary loss likely to be about ¥16 billion from commodities transactions by the energy and mineral resources division of its subsidiary, Sojitz Corp. The size of the loss will ultimately be determined after closing the position, and may change depending on market condition at that time.

However, the extraordinary loss is unlikely to lead to a significant increase in Sojitz Holdings' total expected net consolidated loss of ¥380 billion for fiscal 2004 (ending March 31, 2005).

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