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BULLETIN: Nippon Oil Ratings Unaffected by Downward Revision to Fiscal 2003 Forecast Mar 04
Standard & Poors, March 2004
Abstract
TOKYO (Standard & Poor's) March 30, 2004--Standard & Poor's Ratings Services said today that the announcement by Nippon Oil Corp. (BBB-/Stable/--) that it had revised its fiscal 2003 forecast to a net loss of -136 billion from net income of -14 billion would not affect the rating on the company. On March 26, 2004, Nippon Oil said it expects to post extraordinary losses of -207 billion, including losses of -170 billion from impaired assets, such as service stations, its subsidiary Wakayama Petroleum Refining Co. Ltd., and idle assets. The impact on the Nippon Oil's credit quality is limited because the extraordinary losses are not expected to substantially erode the company's capital structure. In addition, the application of fixed asset impairment...
Companies mentioned in this report are: Nippon Oil Corp.
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.
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