S&P rates Marubeni bonds BBB

S&P said it assigned a BBB long-term issue credit rating to Marubeni Corp.'s five-year U.S. dollar-denominated unsecured straight bonds.

The issue rating on the bonds is equal to the long-term corporate credit rating on Marubeni, S&P said.

This is because the ratio of Marubeni's total secured debt, plus its subsidiaries' propriety debt ratio is less than 50%, which is the threshold to consider notching down the issue rating, S&P explained.

The agency said it believes the issue will help further diversify Marubeni's funding sources by attracting more overseas investors.

The ratings reflect Marubeni's diversified portfolio and the strong base of its trading and investment businesses, S&P said.

The ratings also consider a view that Marubeni's earnings are increasingly stable, particularly in the non-resource segment, thanks to the restructuring of its U.S. grains business and agricultural chemicals business, the agency said.

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