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Mitsubishi Materials Corp NEWS RELEASE Apr 14, 2021 R&I Affirms A-, Stable: Mitsubishi Materials Corp. Rating and Investment Information, Inc. (R&I) has announced the following: ISSUER: Mitsubishi Materials Corp. Issuer Rating: A-, Affirmed Rating Outlook: Stable RATIONALE: Mitsubishi Materials Corp. (MMC) is a major non-ferrous materials company that develops a full range of businesses including the manufacture of materials such as metals and cement, as well as the processing of materials that offers copper & copper alloy, electronic materials & components, and cemented carbide products. The company as a whole has a relatively robust earnings base, partly because it offers many products through the integrated production system among group companies that encompasses upstream to downstream processes. MMC has well-diversified earnings sources. However, the earnings are susceptible to changes in the economic situation, market conditions, raw material prices and foreign exchange rates, because MMC's offerings are mainly capital goods. The company had to see a decline in earnings affected partly by decreased automobile production in the first half of 2020 in addition to the global economy having slowed down since 2019. From the second half of 2020 onward, its earning capacity is beginning to show an upward trend buoyed by a rise in metal prices and a clear trend toward product demand recovery but is still not satisfactory for the rating. While transferring the unprofitable sintered parts business, MMC is promoting its business structure improvement including acquisition of stakes in copper mines and restructuring of its cutting tools subsidiary, investment in a company engaged in the tungsten business, etc. in Vietnam. It will keep the net debt-equity ratio at 1x or lower in carrying out investments and financial activities. Although the balance between debt and cash flow is under pressure, the debt-equity structure in consideration of the equity credit of hybrid finance remains commensurate with the rating. MMC's cement business will be integrated with the construction materials business of Ube Industries, Ltd. around April 2022. The new company will be formed as a 50% joint venture affiliate under the equity method. While sales will decrease, the rate of return on assets (ROA), equity ratio, etc. will be affected positively by the business integration. R&I believes, however, that the integration will have a limited impact on the rating. The primary rating methodologies applied to this rating are provided at "R&I's Basic Methodology for Corporate Credit Ratings" and "Evaluation of Equity Credit Attributes of Hybrid Securities and Rating Perspectives". The methodologies are available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. https://www.r-i.co.jp/en/rating/about/rating_method.html R&I RATINGS: ISSUER: Mitsubishi Materials Corp. (Sec. Code: 5711) Issuer Rating RATING: A-, Affirmed RATING OUTLOOK: Stable ■Contact : Sales and Marketing Division, Customer Service Dept. TEL.+81-(0)3-6273-7471 E-mail. [email protected] ■Media Contact : Corporate Planning Division (Public Relations) TEL.+81-(0)3-6273-7273 Rating and Investment Information, Inc. TERRACE SQUARE, 3-22 Kanda Nishikicho, Chiyoda-ku, Tokyo 101-0054, Japan https://www.r-i.co.jp Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are not statements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is not liable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details, please refer to https://www.r-i.co.jp/en/docs/policy/site.html. © Rating and Investment Information, Inc. NEWS RELEASE Unsec. Str. Bonds No.32 Issue Date Maturity Date Issue Amount (mn) Aug 30, 2017 Aug 30, 2022 JPY 10,000 RATING: A-, Affirmed Unsec. Str. Bonds No.33 Issue Date Maturity Date Issue Amount (mn) Aug 30, 2017 Aug 30, 2027 JPY 10,000 RATING: A-, Affirmed Unsec. Str. Bonds No.34 Issue Date Maturity Date Issue Amount (mn) Sep 05, 2019 Sep 05, 2024 JPY 10,000 RATING: A-, Affirmed Sub. Term Loan Loan Execution Maturity Date Amount (mn) Feb 05, 2021 Feb 05, 2056 JPY 100,000 RATING: BBB, Affirmed ■Contact : Sales and Marketing Division, Customer Service Dept. TEL.+81-(0)3-6273-7471 E-mail. [email protected] ■Media Contact : Corporate Planning Division (Public Relations) TEL.+81-(0)3-6273-7273 Rating and Investment Information, Inc. TERRACE SQUARE, 3-22 Kanda Nishikicho, Chiyoda-ku, Tokyo 101-0054, Japan https://www.r-i.co.jp Credit ratings are R&I's opinions on an issuer's general capacity to fulfill its financial obligations and the certainty of the fulfillment of its individual obligations as promised (creditworthiness) and are not statements of fact. Further, R&I does not state its opinions about any risks other than credit risk, give advice regarding investment decisions or financial matters, or endorse the merits of any investment. R&I does not undertake any independent verification of the accuracy or other aspects of the related information when issuing a credit rating and makes no related representations or warranties. R&I is not liable in any way for any damage arising in relation to credit ratings (including amendment or withdrawal thereof). As a general rule, R&I issues a credit rating for a fee paid by the issuer. For details, please refer to https://www.r-i.co.jp/en/docs/policy/site.html. © Rating and Investment Information, Inc..
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