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Nikko Cordial Group Companies On Watch Developing On Citigroup Takeover Bid Mar 07
Standard & Poors, March 2007
TOKYO (Standard & Poor's) March 6, 2007--Standard & Poor's Ratings Services today placed on CreditWatch with developing implications its 'BBB-' long-term counterparty credit and senior unsecured debt ratings on Nikko Cordial Corp. At the same time, Standard & Poor's also placed on CreditWatch with developing implications its 'A-3' short-term counterparty credit rating on Nikko Cordial Corp., its 'BBB' long-term counterparty credit and 'A-2' short-term counterparty credit ratings on Nikko Cordial Securities Inc., and its 'A' long-term counterparty credit rating on NikkoCiti Trust & Banking Corp. The CreditWatch listing follows the announcement by U.S.-based Citigroup Inc. (AA/Stable/A-1+) that it will purchase over 50% of Nikko Cordial group's outstanding shares with the aim of making it a consolidated subsidiary. The 'A-1' short-term...
Companies mentioned in this report are: Nikko Cordial Corp.,NCT Trust and Banking Corp.,Citigroup Overseas Holdings Inc.
Action: On CreditWatch:Developing
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.