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JCR keeps Mitsubishi Chemical's debts at A+, outlook "stable".

BANKING AND CREDIT NEWS-30 July 2010-JCR keeps Mitsubishi Chemical's debts at A+, outlook "stable"(C)1994-2010 M2 COMMUNICATIONS

30 July 2010 - JCR confirmed on Thursday its A+ rating with a "stable" outlook on the senior debts of Japanese Mitsubishi Chemical Corp.

The agency also reiterated the preliminary A+ rating on the company's shelf registration, the A+ rating on its outstanding bonds and the J-1 rating on its commercial paper programme.

Mitsubishi Chemical is a core operating company of Mitsubishi Chemical Holdings Corp (TYO:4188), or MCHC.

After the completion of MCHC's tender offer for shares of Mitsubishi Rayon Co Ltd (TYO:3404), or MRC, MCHC Group started its group operation with four core business companies: Mitsubishi Chemical, Mitsubishi Tanabe Pharma (TYO:4508), Mitsubishi Plastics and Mitsubishi Rayon and their group companies.

Although the overall group's creditworthiness consists of creditworthiness of the individual operation companies, the holding company, Mitsubishi Chemical Holdings, manages its operation companies by finding an optimal allocation of management resources. There is no significant change in this management style after absorption of MRC.

Accordingly, JCR incorporated the group's overall creditworthiness in the rating for the company.

JCR has now assigned a rating to the senior debts of the holding company anew, and then has reviewed rating on each of the operation companies of the group.

There are no changes in JCR's views and evaluations on the company from those at the time of removal of the credit monitor on it on 8 April 2010.

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Publication:M2 Banking & Credit News (BCN)
Date:Jul 30, 2010
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