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Sojitz Corporation's ratings are as follows.

(as of March 28, 2008)

	Issuer Credit Ratings	Senior unsecured debt Ratings	Short-term Ratings
Japan Credit Rating Agency, Ltd. (JCR) >>	BBB	BBB	J-2
Rating and Investment Information, Inc. (R&I) >>	BBB	-	a-2
Standard & Poor's (S&P) >>	BBB-	BBB	-

* Click symbols to open separate windows of credit rating symbols and definitions.

* Corporate credit ratings are set by credit rating companies, which are third-party institutions, based on their own survey results. These ratings assess the level of certainty and financial stability of the company itself and whether it pays the principal and interest of corporate bonds issued by the company as promised.
* Issuer credit ratings refer to the company's comprehensive ability to fulfill its obligations. The Senior unsecured debt ratings cover obligations of more than one year senior unsecured debt, while the short-term credit rating is for obligations of less than one year.

Credit Rating Transitions (Issuer Credit Ratings)

• S&P upgraded the corporate credit rating from BB+ to BBB-, and the senior unsecured debt rating from BBB- to BBB on March 28, 2008.
• R&I upgraded the issuer credit rating from BB+ to BBB, and the short-term credit rating from a-3 to a-2 on December 13, 2007.
• JCR upgraded the long-term preferred debt rating from BBB- to BBB on April 3, 2007.

Reasons for upgrade

Abstract of S&P release (issued on March 28, 2008)

The reason for the upgrade is as follows:

The balance between risk volume and risk buffers such as shareholders' equity, earnings shows a tendency of improvement, and the risk management system has been reinforced.

Abstract of R&I release (issued on December 13, 2007)

The reason for the upgrade is as follows:

• The company shows proactive investment and loans in line with the current medium-term management plan New Stage 2008, which promotes growth, and its profits and cash flow continue to increase thanks to the business climate.
• Repurchase and cancellation of preferred shares was complete by capital restructuring, drastically improving shareholders' equity.
• The company has also prepared a structure for a stronger earnings base by continual reinforcement of risk management.

Abstract of JCR release (issued on April 3, 2007)

The reason for the upgrade is as follows:

1. Earning capacity and financial structure have been progressively improved.
2. The company had a clear idea for repurchase and cancellation of preferred shares, which was a pending issue, indicating a qualitative improvement of shareholders' equity.
3. Risk asset and shareholders' equity are balanced, and the risk management capability is improved.

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