Fitch rates Lopro bonds BB

Fitch Ratings said it assigned Lopro Corp.'s ¥10 billion series II euro-yen bonds due on Sept. 22, 2014 a final BB rating.

Fitch said the rating action follows receipt of final documentation from the company. Lopro has simultaneously issued warrants with the bonds.

While the rating remains constrained by the company's severe asset quality problems, current and potential liabilities arising from legal action brought against it, shrinking business volumes, weak cash flow, impaired franchise and limited access to cheap funding, Fitch said it also takes into account Lopro's strong capitalization, large stock of cash and high reserves.

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