S&P gives Itochu notes A

S&P said it gave Itochu Corp.’s planned dollar-denominated senior unsecured bonds an A rating. The company will issue the bonds under its medium-term notes program

“We equalize the issue credit rating on the bonds with our long-term issuer credit rating on the Japan-based general trading and investment company. This reflects our view that the bonds are unlikely to be significantly subordinated to other debt, because priority debt does not account for a significant portion of Itochu's consolidated total debt,” S&P said in a press release.

The company intends to use the proceeds for projects related to environmental and social issues in its business, such as reducing greenhouse gas emissions.

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