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Fitch affirms Nomura
Fitch Ratings said it affirmed Nomura Holdings, Inc.'s long-term foreign-currency issuer default rating at BBB, long-term local-currency issuer default rating at BBB, short-term foreign-currency issuer default rating at F2 and short-term local-currency issuer default rating at F2.
The agency also said it affirmed Nomura Securities Co. Ltd.'s long-term foreign-currency issuer default rating at BBB+, long-term local-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2 and short-term local-currency issuer default rating at F2.
The outlook is positive.
The affirmations follow a periodic review of major Japanese investment banking groups' performances and prospects, Fitch said.
The agency said it remains cautious about the outlook for the Japanese investment banking industry amid an expected economic slowdown and an uncertain financial markets environment, as well as after a lackluster industry-wide operating performance in the first half of 2011.
Fitch also said it expects profitability of Japan's investment banks to remain under pressure in the near term, pushed down by the costs of overseas expansion and the time lag before these overseas operations begin generating adequate returns.
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