Moody’s Upgraded ITOCHU’s Rating to A2

March 1, 2023

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced that ITOCHU had received A2 (previously A3) from Moody’s Japan K.K. on the long-term rating scale.
This is the first upgrade in Moody's long-term rating for Japanese companies with an A credit rating since 2019. Amid the extraordinarily uncertain business environment, ITOCHU continues to build a robust earnings base that is diversified across a wide range of business areas, and is highly resilient to economic volatility. In addition, ITOCHU also maintains its financial discipline by balancing three factors, “growth investments, shareholder returns, and control of interest-bearing debt.” We believe that this upgrade is the result of our above-mentioned initiatives being highly evaluated.

■URL of Moody’s Japan K.K.

ITOCHU will continue working hard to be attractive to all stakeholders.

(Reference) Status of ITOCHU’s rating by major rating agencies (long-term rating)
S&P Global Ratings: A
Rating & Investment Information (R&I): AA
Japan Credit Rating Agency (JCR): AA+