JCR has affirmed the A+/Stable, preliminary A+, and A+ rating on senior debts, shelf registration, and each of the outstanding bonds of the issuer, respectively.

Issuer: Mitsubishi Rayon Co., Ltd. (3404)
Senior debts: A+/Stable
Shelf Registration: preliminary A+
Maximum: Y40 billion
Valid: two years effective from February 1, 2010
Issues Amount(bn) Issue Date Due Date Coupon Rating
bonds no.5 Y10 June 18, 2007 June 18, 2014 1.90% A+
bonds no.6 Y10 Dec. 17, 2007 Dec. 17, 2012 1.41% A+

<On Aug.24,2010,withdraws Preliminary Ratings (A+) to shelf registration(Maximum: Y40 billion ,Valid:two years effective from Feb.1,2010)>

<Rationale>
Mitsubishi Rayon Co., Ltd. (the "Company") is a manufacturer of chemicals and synthetic plastics of the Mitsubishi Chemical Holdings Corporation ("MCHC") Group. The Company belongs to the MCHC Group by sharing business strategies with MCHC, the holding company of the Group. It will become a wholly-owned subsidiary of MCHC in October 2010. Although the overall Group's creditworthiness consists of creditworthiness of the individual operation companies, the holding company manages its operation companies by finding an optimal allocation of management resources. 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.