Notice Regarding Moody's Japan's Rating of Sojitz Corporation
OREANDA-NEWS. Sojitz Corporation has made a statement in response to Moody's' announcement of downgrading the Company's issuer rating one rank from Baa3 to Ba1, and defining its rating outlook as stable.
Since Moody's changed its outlook for Sojitz Corporation to negative in November 2009, the Company has continued to achieve steady improvements in its performance and financial position. Further, through a Company wide effort, Sojitz are making smooth progress toward our target of JPN 25.0 billion for profit for the year (attributable to owners of the Company) in fiscal 2013. Despite the Company's consistent efforts to explain this fact to Moody's, we were unable to gain their understanding. Sojitz find this outcome most regrettable and dissatisfactory.
The Sojitz Group remains devoted to pursuing further improvements in its performance and financial position by steadily advancing Medium-term Management Plan 2014 -Change for Challenge, while maintaining the support of its business partners, shareholders, and financial institutions.