Mitsui Fudosan Co. Ltd.#s U.S. Dollar-Denominated Unsecured Straight Bonds Rated #A#

Stocks and Financial Services Press Releases Friday July 14, 2017 09:25
TOKYO--14 Jul--S&P Global Ratings

TOKYO (S&P Global Ratings) July 14, 2017--S&P Global Ratings today said it has assigned its 'A' rating to Japan-based, diversified real estate company Mitsui Fudosan Co. Ltd.'s (A/Stable/A-1) U.S. dollar-denominated unsecured straight bonds.

The $500 million bonds have a fixed coupon rate of 3.650% and mature on July 20, 2027. We assign the same rating to the bonds as our long-term corporate credit rating on Mitsui Fudosan, given our current rating on the company, the asset protection for the bonds, and the priority of payment of the bonds among its financial obligations.

Our ratings on Mitsui Fudosan reflect our view that: As Japan's largest diversified real estate company, it has a solid market position and strong real estate development capabilities; The quality, value, and diversity of its leasing property portfolio has improved thanks to the addition of new properties, rebuilding of existing properties, and enhancement of various property types, including retail and logistics facilities; and Its financial position is moderately stable and its interest coverage ratio is strong.

However, we expect its debt ratios to edge up over the next few years as the company invests aggressively.

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