S&P upgrades Itochu

S&P said it raised by one notch to A its long-term corporate credit and senior unsecured debt ratings on Itochu Corp.

The agency also raised by one notch to A-1 the short-term corporate credit rating on the company.

The outlook is stable.

“The upgrade reflects a view that Itochu's capital adequacy is increasingly likely to improve at a pace exceeding our previous assumptions,” S&P said in a news release.

“This is because we expect Itochu's stable earnings base in the nonresource sector, which includes food and consumer-related businesses, to help it maintain annual net profit exceeding ¥400 billion and higher profitability than its industry peers.”

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