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Japanese Companies' Credit Quality Prospects Weakened In 1Q 2010 Apr 10
Standard & Poors, April 2010
Abstract
The gap between upgrades and downgrades narrowed in the quarter ended March 31, 2010, thanks to a decline in downgrades of Japanese companies rated by Standard & Poor's Ratings Services. However, credit prospects for Japanese companies deteriorated mainly due to a downward revision of the outlook on the sovereign rating on Japan (AA/Negative/A-1+). In the first quarter of 2010 (Jan. 1, 2010, to March 31, 2010), Standard & Poor's made 12 revisions to its long-term credit ratings on Japanese corporations, which consisted of seven downgrades and five upgrades. Compared to the previous quarter (Oct. 1, 2009, to Dec. 31, 2009), the number of downgrades decreased from 13 and upgrades slightly increased from four. However, the number of downgrades exceeded that...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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