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This is an archive article published on February 9, 1999

9 Japanese cos downgraded

February 8: Standard and Poor's today downgraded nine Japanese firms including Japan Airlines Co Ltd, NEC Corp, Victor Co of Japan Ltd an...

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February 8: Standard and Poor8217;s today downgraded nine Japanese firms including Japan Airlines Co Ltd, NEC Corp, Victor Co of Japan Ltd and Matsushita Electric Industrial Co Ltd.

quot;The rating downgrades reflect the more difficult, less predictable environment for companies across the board in Japan,quot; the company said in a statement.

The list of downgrades read like a roll call of Japan8217;s top firms, also including Mitsubishi Estate Co Ltd, Mitsubishi Electric Corp, Mitsui Fudosan Co Ltd, Komatsu Ltd and Asahi Glass Co Ltd.

Japan Airlines8217; long-term debt was downgraded to BB8217; from BB-plus8217; with a negative outlook and JVC down to BBC-plus8217; from A-minus8217; with a stable outlook.

Komatsu fell to BBB8217; from A-minus8217; with a stable outlook, Matsushita Electric Industrial to AA-minus8217; from AA8217; with a stable outlook and Mitsubishi Estate to BBB-plus from A-minus8217; with a negative outlook.

Asahi Glass8217; long-term debt fell to A8217; from A-plus8217; with a negative outlook while its short-term debt wasdowngraded to A-28242; from A-18242;.

NEC8217;s short-term debt was downgraded to A-38242; from A-28242; Mitsui Fudosan to B8217; from A-28242; and Mitsubishi Electric Corp to A-38242; from A-28242;.

 

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