-S&P gives A+ rating to Mitsubishi Estate's JPY40bn bonds.
BANKING AND CREDIT NEWS-June 7, 2011--S&P gives A+ rating to Mitsubishi Estate's JPY40bn bonds(C)2011 M2 COMMUNICATIONS http://www.m2.com
7 June 2011 -- S&P today gave its A+ rating to three issues of senior unsecured bonds of Japanese property firm Mitsubishi Estate (TYO:8802) aggregating JPY40bn(USD499m/EUR340m).
The rating was attached to JPY15bn 0.553% bonds due June 14, 2016, JPY10bn 0.811% bonds due June 14, 2018 and JPY15bn bonds with a coupon rate of 1.262% and maturing on June 14, 2021.
The A+/"stable"/A-1 ratings on Mitsubishi Estate are supported by its strong profitability and the high quality and low vacancy rates of its assets in the Marunouchi business district of Tokyo, S&P said.
Moreover, many of Mitsubishi Estate's tenants have good credit quality and the company has kept a prudent rent policy, which reduces leasing business volatility.
These positives are slightly offset by the company's high debt levels and slower income recovery in its residential and urban development segments amid subdued consumer sentiment after the massive quake and tsunami that hit the country in March.
(JPY100 = USD1.247/EUR0.850)
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jun 7, 2011|
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