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S&P revises Marubeni to negative
Standard & Poor's said it revised the outlook on the BBB long-term corporate credit rating on Marubeni Corp. to negative from stable.
At the same time, the agency affirmed the BBB long-term corporate credit and debt ratings on Marubeni.
On Jan. 26, the company cut its net profit forecast for fiscal 2014 (ending March 31, 2015) to ¥110 billion from ¥220 billion. It attributed the reduced forecast to a roughly ¥120 billion impairment loss stemming mainly from a price drop in commodities including crude oil, natural gas, copper and coal, and a lower profit forecast for its nonresource investment in U.S. grains company Gavilon Holdings LLC.
S&P had assumed that its fiscal 2014 net profit would meet its previous forecast, and the balance between its risk-weighted assets and equity would steadily improve over the next one to two years.
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