S&P Lowers Nomura Securities to 'A-'; Outlook Negative Oct 98
Standard & Poors, October 1998
Abstract
Tokyo -- Standard & Poor's CreditWire 10/29/98 -- Standard & Poor's today downgraded Nomura Securities Co. Ltd.'s (Nomura) long and short-term counterparty ratings to single-'A'-minus and 'A-2', from single-'A'-plus and 'A-1', respectively (see list of related entities below). The ratings are removed from CreditWatch where they were placed on Sept. 4, 1998. The outlook is negative. The downgrade reflects Nomura's weak operating performance, its higher risk profile due to the adverse market environment, the recent financial and structural problems facing its overseas operations, and greater competition in its home market. Given the weak confidence in the Japanese financial system, Nomura's funding flexibility has also been constrained. Supporting factors are its relatively low leverage and favorable domestic franchise. Nomura's operating performance...
Companies mentioned in this report are: Nomura Securities Co. Ltd.,Nomura International PLC,Nomura Holding America Inc.,Nomura Bank International PLC,Nomura Europe Finance N.V.,Nomura Trust & Banking Co. Ltd.,Nomura Global Funding plc
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Nomura Securities Co. Ltd.,Nomura International PLC,Nomura Holding America Inc.,Nomura Bank International PLC,Nomura Europe Finance N.V.,Nomura Trust & Banking Co. Ltd.,Nomura Global Funding plc
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