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Japanese Corporations Face Earnings Test To Ensure Recovery Sep 10
Standard & Poors, Sep 2010
Abstract
The financial results for fiscal 2009 (ended March 31, 2010, for the majority of Japanese industrial corporations) clearly highlighted an earnings turnaround, with the exception of some industries, including retail and real estate, in which financial performances tend to lag behind the economic cycle. At the end of fiscal 2008 (ended March 31, 2009), interest-bearing debt was increasing mainly in the manufacturing industry as a result of plummeting profits, an increase in working capital, and fund procurement ahead of schedule in preparation for a deteriorating funding environment. However, during fiscal 2009, debt decreased in many industries. Based on this, Standard & Poor's Ratings Services believes that the financial bases of most Japanese corporations are on a recovery track. Ratings trends...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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