|
|
 |
|
Viewing report
|
|
|
|
BULLETIN: Nikko Cordial Group Ratings Unaffected By Citigroup's Lowered Equity Stake Dec 05
Standard & Poors, Dec 2005
Abstract
TOKYO (Standard & Poor's) Dec. 15, 2005--Standard & Poor's Ratings Services said today that there would be no ratings change on Nikko Cordial Corp. (BBB+/Stable/A-2) and its affiliated companies following Citigroup Inc.'s (AA-/Stable/A-1+) reduced equity stake in the group. Under an agreement between the two financial groups, Citigroup is reducing its stake in Nikko Cordial by 11.35% to about 4.90% of total outstanding shares. The lower likelihood of support from Citigroup in line with its lessened equity stake slightly impacts the credit quality of Nikko Cordial and its affiliates Nikko Cordial Securities Inc. (BBB+/Stable/A-2) and NikkoCiti Trust & Banking Corp. (A+/Stable/A-1). However, Nikko Cordial's financial profile has been gradually improving, decreasing the need for support from Citigroup. Furthermore, Nikko Cordial...
Companies mentioned in this report are: Nikko Cordial Corp.,NCT Trust and Banking Corp.,Citigroup Overseas Holdings Inc.
Action: Bulletin
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.
|
|
|
|
