Moody’s revises Nippon Steel view to negative

Moody's Investors Service said it revised the outlook for Nippon Steel Corp. to negative from stable.

“The change in outlook principally reflects the likelihood that NSC's financial profile will deteriorate over the next 12-18 months, as challenging conditions in both the Asian and Japanese domestic steel markets will pressure its earnings,” says Takashi Akimoto, a Moody's analyst, in a news release.

The revision follows the company’s announcement of its full-year guidance that its consolidated business profit will be ¥150 billion for the fiscal year ended March 2020 (fiscal 2019), down 55% from the previous year, S&P said.

Moody’s affirmed the company’s Baa1 senior unsecured debt rating and its Baa3 subordinated rating.

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