TEXT-S&P ups Japan's Mitsubishi Motors to 'B-' from 'CCC+'

Newswire

(The following statement was released by the rating agency) TOKYO, May 24 - Standard & Poor's Ratings Services today raised its rating on Mitsubishi Motors Corp's (MMC: CC/Negative/--) senior unsecured bonds to 'B-' from 'CCC+' and removed the rating from CreditWatch, where it was placed April 2, 2004. The outlook on the senior unsecured bonds rating is stable. "The upgrade on MMC's senior unsecured bonds reflects the view that planned financial support for the carmaker will reduce ...

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