Moody’s cuts five Japanese corporates to A1

Moody's Japan K.K. said it downgraded the following five Japanese corporates to A1 from Aa3 following the downgrade of the Government of Japan: Astellas Pharma Inc.; Takeda Pharmaceutical Co. Ltd.; Fujifilm Holdings Corp.; Seven & i Holdings Co., Ltd. (7-Eleven); and Okinawa Electric Power Co., Inc.

At the same time, the agency affirmed the ratings of the following four Japanese corporates: Canon Inc. at Aa1; Shin-Etsu Chemical Co., Ltd. at Aa3; Central Japan Railway Co. at Aa3; and Tokyo Gas Co., Ltd. at Aa3.

Moody’s said the actions were solely prompted by its decision to downgrade Japan’s rating to A1 from Aa3.

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