Moody's ups Nikko Cordial to Aa2

Moody's Investors Service said it upgraded the issuer ratings of Nikko Cordial Corp. to Aa2 from Baa3, and the issuer ratings of Nikko Cordial Securities, Ltd. to Aa2/prime-1 from Baa2/prime-2. The upgrade concludes a review initiated in March.

The outlook is stable.

The Aa2/prime-1 long-term/short-term ratings of Nikko Citigroup Ltd. have not been affected by the review.

The upgrade is based upon the completion of Citigroup Inc.'s tender offer for the common shares of Nikko Cordial, which resulted in Citigroup taking a controlling stake above 67%, Moody's said.

The upgrades reflect Moody's assessment of a high probability of support from Citigroup to Nikko Cordial and Nikko Cordial Securities, in case of need, given the latter companies' strategic importance to Citigroup as consolidated subsidiaries.

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