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Announcement:

Moody's assigns Baa2 to Mitsui Chemical's domestic bonds

 The document has been translated in other languages

Global Credit Research - 15 Oct 2010

JPY 10 billion in new debt securities rated

Tokyo, October 15, 2010 -- Moody's Japan K.K. has assigned a Baa2 rating to bonds issued by Mitsui Chemicals, Inc. The rating outlook is stable.

This is a takedown from the company's JPY150 billion domestic shelf registration (effective October 24, 2009), which is rated (P)Baa2.

The specific bond issue rated is:

JPY 10 billion Series 41 senior unsecured bonds, due 2020

RATING RATIONALE

Mitsui Chemicals' Baa2 long-term senior unsecured rating reflects the company's leading position in petrochemicals and basic chemicals in Japan and elsewhere in Asia. The rating also reflects the company's technological advantages, especially in catalysts, and its new-product development ability, especially in functional chemicals. At the same time, Moody's recognizes that the company needs to establish product lines in non-petrochemicals areas with strong and stable profits, to mitigate the earnings volatility in petrochemicals and to secure growth.

Additionally, the rating recognizes the company's financial policy, which prudently balances financial and business risks. However, the rating also incorporates its relatively weak financial fundamentals and profitability due to the global economic downturn apparent from the second half of FYE3/2009.

Upward rating pressure would occur with an EBITDA margin of around 12% and adjusted net debt/EBITDA ratio lower than 4.5 times -- on a sustained basis. Such metrics would result from a successful implementation of its strategy designed to reinforce its portfolio and achieve long-term management targets, based on its "Grand Design".

Downward rating pressure could occur if it seems difficult to restore an adjusted operating margin higher than 2% in FYE3/2011 due to a weakening in the market positions for its main products and the unsuccessful implementation of the series of emergency measures.

Moody's last rating action on Mitsui Chemicals was taken on July 22, 2009, when the company's long-term senior unsecured rating was downgraded to Baa2 from Baa1.

The principal methodology used in this rating was Moody's Global Chemical Industry published on September 30, 2010. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on www.moodys.co.jp.

Mitsui Chemicals, Inc., headquartered in Tokyo, is a major integrated chemicals company in Japan. It had consolidated sales of JPY1,207.7 billion for the fiscal year ended March 31, 2010.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's information.

Moody's considers the quality of information available on the issuer or obligations satisfactory for the purposes of assigning a credit rating.

Moody's adopts all necessary measures to ensure that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third parties, as well as information received from issuers or independent third parties, audited financial statements, and the analysis by the lead analyst. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Credit ratings are Moody's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. Moody's defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, such as liquidity risk or market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, nor are they recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, or fitness for any particular purpose of any such rating or other opinion or information is given or made by Moody's in any form or manner whatsoever. Moody's may also withdraw the rating due to insufficient information, or for other reasons.

Moody's Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency, registration number "FSA Commissioner (Ratings) No. 2." The Financial Services Agency has not imposed any sanctions on Moody's Japan K.K. in the past year.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category, and the definition of default and recovery.

Tokyo
Noriko Kosaka
Vice President - Senior Analyst
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Shinsuke Tanimoto
Senior Vice President - Team Leader
Corporate Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
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Tokyo 105-6220
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Moody's assigns Baa2 to Mitsui Chemical's domestic bonds
No Related Data.
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