Nomura Securities Ratings Lowered to 'BBB'/'A-3'; Outlook Stable Mar 99
- ID: 1770992
- March 1999
- Standard & Poors
TOKYO (Standard & Poor's CreditWire) March 24, 1999--Standard & Poor's today lowered Nomura Securities Co. Ltd.'s (Nomura) long and short-term counterparty credit ratings to triple-'B' and 'A-3', respectively, from single-'A'-minus and 'A-2'. The outlook is changed to stable from negative (see list of related entities below). The downgrade reflects Standard & Poor's concerns about the severely distressed asset quality of Nomura's Japanese nonbank affiliate, Nomura Finance, persistently large high-risk exposures in the U.S., and challenges associated with the implementation of its revised domestic strategy. Currently, it is unclear if Nomura's profitability will improve significantly over the medium term, amid the intensifying competition in its home market. Despite large-scale support in fiscal 1996, Nomura Finance's asset quality has deteriorated considerably, due...
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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