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Moody’s upgrades Nomura, debt
Moody's Japan K.K. said it upgraded the long-term issuer and senior unsecured debt ratings of Nomura Holdings, Inc. to Baa1 from Baa3.
The agency also upgraded the long-term issuer rating of Nomura Securities Co., Ltd. to A3 from Baa2.
Nomura Securities’ and Nomura International plc’s Prime-2 commercial paper rating was affirmed.
The rating outlook is stable.
Moody’s said the upgrade was prompted by (a) the change in Nomura's standalone credit assessment to baa3 from ba1 due to the improvement in Nomura's financial metrics; and (b) the change in assumption of systemic support uplift from Nomura's standalone credit assessment to very high (three notches of systemic uplift) from moderate (two notches of systemic uplift) due to the revision of Japan's Deposit Insurance Act.
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