The Upgrade to A-Narrow moat
Marubeni (8002) — moat facet
An A- rating is worth basis points on ¥10.5 trillion of assets, and Marubeni earned it just as it decided to borrow more.
On 18 November 2025 S&P raised Marubeni's rating from BBB+ to A-1. Moody's rates it Baa1 and the Japanese agencies AA (JCR) and AA- (R&I)2.
For a trading house, the rating is part of the product. Aircastle, Mizuho Marubeni Leasing, the power projects and the resource stakes are all financed, and each notch is worth something in basis points across trillions of yen of assets. Marubeni's total assets were ¥10,531.8 billion at March 20263.
The upgrade followed the deleveraging, and the relaxing of the free cash flow rule in August 20264 will be watched by the same agencies.
The domestic agencies moved earlier. R&I raised Marubeni to AA- from A+ in July 2023, Moody's to Baa1 from Baa2 the same month, and JCR to AA from AA- in June 20245. S&P was the last of the four to move.
The measure is the rating itself. A downgrade back to BBB+ would raise the cost of the associates model across the portfolio.
The upgrade is recent and the leverage policy has just loosened; the rating is steady for now.
The rating upgrade rested on falling leverage; debt rising this fast is what an agency would watch before reversing it.
Source: Marubeni results, April-June 2026 ↗- ReportedOn 18 November 2025 S&P raised Marubeni's rating from BBB+ to A-.Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗
- ReportedMoody's rates it Baa1 and the Japanese agencies AA (JCR) and AA- (R&I).Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
- ReportedMarubeni's total assets were ¥10,531.8 billion at March 2026.Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
- ReportedThe upgrade followed the deleveraging, and the relaxing of the free cash flow rule in August 2026 will be watched by the same agencies.Marubeni Corporation, Summary of Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, operating profit and net profit, segment results, progress against the full-year forecast, the balance sheet at 30 June 2026, and the revised GC2027 capital allocation and new share buyback. — April-June 2026 · publ. 3 August 2026 · source ↗
- ReportedR&I raised Marubeni to AA- from A+ in July 2023, Moody's to Baa1 from Baa2 the same month, and JCR to AA from AA- in June 2024.Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗