Fitch puts Lopro on negative watch

Fitch Ratings said it placed Lopro Corp.'s long-term rating of BB on Rating Watch negative. The company's short-term rating, unaffected by this action, was affirmed at B.

The rating action follows Lopro's announcement of a downward revision to earnings for this year, due to first-half net losses of ¥24.1 billion, the agency said.

S&P said the losses are due primarily to additional provisioning for loan losses at the company's credit guarantee subsidiary, Nihon Shinyo Hosho, and the write-down of deferred tax assets.

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