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S&P rates Mitsui loan BBB+
S&P said it assigned a BBB+ long-term issue rating to Mitsui & Co. Ltd.'s proposed unsecured subordinated hybrid loan.
The rating reflects a notching down from the company’s A long-term corporate credit rating, the agency said.
The two-notch differential considers one notch for subordination of the loan and an additional notch for the borrower's option to defer interest payments, S&P said.
The proposed loan is classified as having intermediate equity content until 2028, the agency added.
The ratings also take into account the company’s weak profitability, leading to an intermediate assessment of its financial risk profile, S&P said.
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