Moody’s confirms Fujifilm

Moody's Investors Service said it confirmed Fujifilm Holdings Corp.'s A1 issuer rating.

The outlook is negative.

The action concludes the review initiated on Feb. 1, following the company's announcement to acquire a 50.1% stake in Xerox Corp. (Baa3 senior unsecured, negative).

"Fujifilm Holdings' credit profile returns to where it was, now with the diminished prospect of a transaction that would have increased business risk and leverage disappear," Takashi Akimoto, Moody's assistant vice president and analyst, said in a news release.

"On the other hand, Fujifilm Holdings continues to face a secular decline in its document business, with or without Xerox. The contentious break-up of the Xerox transaction could also impair the synergistic benefits that both companies have long derived from their joint venture, Fuji Xerox Co., Ltd. (FX)."

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