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Affirmed A+/Stable, A+, and J-1 rating on Mitsubishi Plastics | Jul 29, 2010 |
JCR has affirmed the A+/Stable, A+, and J-1 rating on senior debts, each of the outstanding bonds, and CP program of the issuer, respectively.
Issuer: Mitsubishi Plastics, Inc.
Senior debts: A+/Stable
Issues Amount(bn) Issue Date Due Date Coupon Rating
bonds no.4 Y10 Sept. 15, 2006 Sept. 15, 2011 1.63% A+
bonds no.5 Y10 Sept. 24, 2009 Sept. 24, 2014 1.07% A+
bonds no.6 Y5 Sept. 24, 2009 Sept. 24, 2019 1.94% A+
CP: J-1
Maximum: Y25 billion
Backup Line: 0%
<Rationale>
Mitsubishi Plastics, Inc. ˇĘthe "Company") is a plastic processing manufacturer in the Mitsubishi Chemical Holdings Corporation ("MCHC") Group. After the completion of MCHC's tender offer for shares of Mitsubishi Rayon Co., Ltd. ("MRC"), MCHC Group started its group operation with four core business companies: Mitsubishi Chemical Corporation, Mitsubishi Tanabe Pharma Corporation, Mitsubishi Plastics, Inc., (the Company) and Mitsubishi Rayon, Co., Ltd., and their group companies. Although the overall Group's creditworthiness consists of creditworthiness of the individual operation companies, the holding company, Mitsubishi Chemical Holdings Corporation, 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 April 8, 2010.
Issuer: Mitsubishi Plastics, Inc.
Senior debts: A+/Stable
Issues Amount(bn) Issue Date Due Date Coupon Rating
bonds no.4 Y10 Sept. 15, 2006 Sept. 15, 2011 1.63% A+
bonds no.5 Y10 Sept. 24, 2009 Sept. 24, 2014 1.07% A+
bonds no.6 Y5 Sept. 24, 2009 Sept. 24, 2019 1.94% A+
CP: J-1
Maximum: Y25 billion
Backup Line: 0%
<Rationale>
Mitsubishi Plastics, Inc. ˇĘthe "Company") is a plastic processing manufacturer in the Mitsubishi Chemical Holdings Corporation ("MCHC") Group. After the completion of MCHC's tender offer for shares of Mitsubishi Rayon Co., Ltd. ("MRC"), MCHC Group started its group operation with four core business companies: Mitsubishi Chemical Corporation, Mitsubishi Tanabe Pharma Corporation, Mitsubishi Plastics, Inc., (the Company) and Mitsubishi Rayon, Co., Ltd., and their group companies. Although the overall Group's creditworthiness consists of creditworthiness of the individual operation companies, the holding company, Mitsubishi Chemical Holdings Corporation, 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 April 8, 2010.
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