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BULLETIN: Nikko Salomon Smith Barney Faces Possible Punitive Actions in Japan Mar 03
Standard & Poors, March 2003
Abstract
TOKYO (Standard & Poor's) March 11, 2003--Standard & Poor's Ratings Services said today that its rating on Nikko Cordial Securities Inc. (BBB/Negative/A-3) would not be affected by possible punitive actions against Nikko Salomon Smith Barney Ltd. (NSSB) for alleged manipulation of stock prices. The potential sanctions against NSSB would not have a direct significant impact on Nikko Cordial Securities' profits. However, the imposition of sanctions might strain customer relations, which would impair Nikko Cordial Securities' asset-gathering strategy in the long term. On March 7, 2003, NSSB announced that it had received a notice of audit results from the Japanese Securities and Exchange Surveillance Commission (SESC) containing the assertion that certain equity purchases executed by NSSB in 2002 were intended to...
Companies mentioned in this report are: Citigroup Overseas Holdings Inc.,Nikko Cordial Corp.
Action: S&P Event
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.
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