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JCR rates Marubeni's upcoming debt at A

Posted on: Wed, 04 Nov 2009 15:27:00 EST

Symbols: MARUY

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Nov 04, 2009 (M2 PRESSWIRE via COMTEX) --
MARUY | Quote | Chart | News | PowerRating -- 4 November 2009 - JCR gave Wednesday an A rating to the upcoming bonds
of Japanese trader Marubeni Corp (TYO:8002).

The company will issue its 13-year JPY73bn (USD803.9m/EUR543.1m) 2.30%
bonds No 73 on 11 November 2009 under its shelf registration.

Marubeni is a general trading company which has competitive strength in
overseas IPP business and grain trading.

The company's net incomes became negative for the paper, pulp and steel
products and many other segments dropped their incomes compared with a
year earlier, being affected by the worldwide economic downturn.

It can not avoid decreasing both revenue and profit for the full fiscal
2009.

However, JCR considers that the company can maintain a certain level of
earnings as a result of the strengthening its business base by
"selection and concentration" per its portfolio unit.

The company plans to place more emphasis on financial stability in the
face of deteriorating external environment. It aims to reduce its
interest-bearing debt by controlling amount of investments.

The consolidated net assets were reduced more than cut-back in the risk
assets in the fiscal year ended 31 March 2009. As a result, risk assets
exceeded the consolidated net assets.

The balance between the risk assets and the consolidated net assets
started to improve beginning in the first quarter of fiscal 2009 thanks
to the increasing net assets resulting from changes in stock prices and
the ensuring of profit.

With risks from changes in stock prices and fluctuations in currency
exchange rates, JCR considers that the strengthening of risk asset
management and accumulation of the consolidated net assets will remain
issues for the Company to be addressed.

Additionally, it cannot be denied that a loss occurrence risk might
increase depending on deterioration in the external environment.

Therefore, JCR will pay attention to progress in investment projects
and changes in asset value.

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