Nikko Cordial Group Companies Downgraded; Ratings Remain On Watch Negative Feb 07

Standard & Poors, February 2007

Abstract
TOKYO (Standard & Poor's) Feb. 16, 2007--Standard & Poor's Ratings Services today lowered to 'BBB-' from 'BBB+' its long-term counterparty credit and senior unsecured debt ratings on Nikko Cordial Corp. At the same time, Standard & Poor's lowered to 'A-3' from 'A-2' its short-term counterparty credit rating on the company. Standard & Poor's also lowered to 'BBB' from 'BBB+' its long-term counterparty credit ratings on Nikko Cordial Securities Inc., and to 'A' from 'A+' its long-term counterparty credit ratings on NikkoCiti Trust & Banking Corp. Standard & Poor's affirmed its 'A-2' short-term counterparty credit rating on Nikko Cordial Securities and 'A-1' short-term counterparty credit rating on NikkoCiti Trust & Banking. All ratings remain on CreditWatch with negative implications. The ratings...

Companies mentioned in this report are: Nikko Cordial Corp.,NCT Trust and Banking Corp.,Citigroup Overseas Holdings Inc.
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.

Nikko Cordial Corp.,NCT Trust and Banking Corp.,Citigroup Overseas Holdings Inc.

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