S&P Lowers Nomura Securities to 'A-'; Outlook Negative Oct 98
- ID: 1770991
- October 1998
- Standard & Poors
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
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