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January 15, 2008 |
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JAPAN AIRLINES: MUFG to Buy 49% of JALCard for JPY40 Billion Mitsubishi UFJ Financial Group will acquire a 49% stake in Japan Airline International Co., Ltd.'s credit card unit for about JPY40 billion, Thomson Financial, citing the Nikkei business daily, reports. MUFG was expected to notify JAL of its final decision, the Thomson Financial report notes. Credit Saison Co., which is among the bidders, has decided to withdraw its offer, states Thomson Financial, citing the business daily. According to the report, officials from Mitsubishi UFJ and JAL were not immediately available for comment. Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/ -- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Japan Airlines flies to the United States, Brazil and France. * * * As reported on Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and issue ratings on Japan Airlines Corp. (B+/Negative/--) following the company's announcement of its new medium-term management plan. The outlook on the long-term corporate credit rating is negative. As reported on Oct. 10, 2006, that Moody's Investors Service affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd. The rating affirmation is in response to the planned restructuring of the Japan Airlines Corporation group on Oct. 1, 2006 with the completion of the merger of JAL's two operating subsidiaries, JAL International and Japan Airlines Domestic. JAL International will be the surviving company. The rating outlook is stable. Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt obligations and expenses for new aircraft have placed it in an unfavorable financial position. Fitch assigned a BB- rating on the company, which is three notches lower than investment grade. |
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