Moody's ups Furukawa

Moody's Investors Service said it upgraded the senior unsecured long-term debt rating of Furukawa Co., Ltd. to Baa3 from Ba2. This rating action concludes the review initiated on March 15.

The outlook is stable.

The rating action reflects Moody's views that the company's capital structure and earnings stability will likely continue improving over the intermediate term, backed by its enhanced cost structure due to structural reforms, Moody's said.

The action also reflects Moody's expectation that Furukawa's strategy of focusing on its construction and mining machinery operations by diversifying more overseas may help further enhance and stabilize overall profitability, the agency said.

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