Moody’s changes Sumitomo to stable

Moody's Japan K.K. said it affirmed Sumitomo Corp.’s Baa1 issuer and senior unsecured debt ratings, provisional Baa1 senior unsecured shelf rating and P-2 commercial paper rating.

The agency changed the outlook to stable from negative.

"The change to a stable outlook reflects Sumitomo's ¥1 trillion balance sheet debt reduction over the past two years, which constitutes a more-than-20% reduction in gross debt," Moody's vice president and senior analyst Masako Kuwahara said in a news release.

"Our ratings assume Sumitomo will continue to reduce leverage using free cash flow."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.