Moody's cuts Takefuji

Moody's Investors Service said it has downgraded the long-term senior unsecured debt rating and issuer rating of Takefuji Corp. to Ba1 from Baa3.

The outlook is negative.

This rating action concludes the review for possible downgrade initiated on May 28 due to Moody's increased concerns that Takefuji's atypical funding profile could pose a challenge to management's plan to stabilize operating results against the backdrop of a severe operating environment and consistently high overpaid-interest claims under the current severe environment, the agency added.

The rating downgrade reflects Moody's rising concern that the company's liquidity profile has weakened due to increase of potential liquidity risk under the current severe operating environment, the agency said.

© 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.