Moody’s trims Sumitomo Chemical

Moody's Investors Service said it downgraded the issuer rating of Sumitomo Chemical Co., Ltd. to Baa3 from Baa2.

The outlook remains negative.

“The downgrade is driven by Sumitomo Chemical's weak profit generation, despite its diversified business portfolio. We also expect the company's financial leverage will remain elevated over the next few years following several large acquisitions," Takashi Akimoto, Moody's assistant vice president and analyst, said in a news release.

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