Japan Corporate Outlook 2012: Earnings Hurdles May Trip Up Credit Quality Feb 12

Abstract
Japanese industrial corporations could see their earnings stagnate or fall in fiscal 2011 (ending March 31, 2012, for most companies), snapping an upward trend that began in fiscal 2009 and threatening to strain their credit quality. Companies face pressure on a number of fronts, including a historically high yen, sluggish domestic demand, an elusive solution to concerns over the nation's power shortages, intensifying overseas competition, and uncertainties surrounding the European debt crisis and the global economy. If these issues significantly undermine earnings in fiscal 2012, Standard & Poor's Ratings Services believes pressure on ratings may grow. Last year tested the limits of many Japanese companies. The March 2011 Great East Japan Earthquake, tsunami, and nuclear crisis at Tokyo Electric Power...

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. SHOW LESS READ MORE >

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- Hitachi Ltd.
- Ito-Yokado Co. Ltd.
- Komatsu Ltd.
- Makita Corp.
- Panasonic Corp.
- Mitsubishi Corp.
- Mitsubishi Estate Co. Ltd.
- Mitsui & Co. Ltd.
- Nippon Telegraph & Telephone Corp.
- Ricoh Co. Ltd.
- Sony Corp.
- TDK Corp.
- Asahi Glass Co. Ltd.
- Victor Co. of Japan Ltd. (JVC Corp.)
- Nissan Motor Co. Ltd.
- Nissho Iwai Corp.
- Honda Motor Co. Ltd.
- Ajinomoto Co. Inc.
- Sumitomo Corp.
- Kumagai Gumi Co. Ltd.
- Marubeni Corp.
- Mitsubishi Electric Corp.
- Toyota Motor Corp.
- Tokyo Electric Power Co. Inc.
- Denso Corp.
- Hitachi Metals Ltd.
- Toshiba Corp.
- Mitsui Fudosan Co. Ltd.
- Japan Airlines International Co. Ltd.
- Fujitsu Ltd.
- ITOCHU Corp.
- Omron Corp.
- Takeda Pharmaceutical Co. Ltd.
- Uny Co. Ltd.
- Osaka Gas Co. Ltd.
- Sharp Corp.
- Chubu Electric Power Co. Inc.
- Pioneer Corp.
- NEC Corp.
- Chugoku Electric Power Co. Inc.
- Shikoku Electric Power Co. Inc.
- Dentsu Inc.
- FUJIFILM Holdings Corp.
- Tokyo Gas Co. Ltd.
- East Japan Railway Co.
- Nikon Corp.
- Astellas Pharma Inc.
- Softbank Corp.
- Johnson & Johnson Medical K.K.
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- Central Glass Co. Ltd. (Unsolicited Ratings)
- Daiei Inc.
- TonenGeneral Sekiyu KK
- Japan Airlines Domestic Co. Ltd.
- Aeon Co. Ltd.
- Kobe Steel Ltd.
- Nippon Sheet Glass Co. Ltd.
- Nippon Steel & Sumitomo Metal Corp.
- Oki Electric Industry Co. Ltd.
- Seiyu Ltd.
- Showa Shell Sekiyu KK
- Sumitomo Metal Industries Ltd.
- Kawasaki Kisen Kaisha Ltd.
- Nippon Yusen KK
- Mitsui O.S.K. Lines Ltd.
- Mitsui Chemicals Inc.
- Sumitomo Chemical Co. Ltd.
- Mitsubishi Chemical Corp. (Unsolicited Ratings)
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- Daiichi Pharmaceutical Co. Ltd.
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- Fujisawa Pharmaceutical Co. Ltd.
- Kanematsu Corp.
- Sanyo Electric Co. Ltd.
- Mitsubishi Motors Corp.
- Suzuki Motor Corp.
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- Shimizu Corp.
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- Mitsubishi Logistics Corp.
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- Mitsukoshi Ltd.
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- Japan Highway Public Corp.
- Fast Retailing Co. Ltd.
- KDDI Corp.
- Japan Real Estate Investment Corp.
- Nippon Building Fund Inc.
- Japan Airlines Corp.
- Teikoku Oil Co. Ltd.
- Kinden Corp.
- Nisshin Seifun Group Inc.
- Meiji Seika Kaisha Ltd.
- Yamazaki Baking Co. Ltd.
- Yakult Honsha Co. Ltd.
- Nippon Meat Packers Inc.
- Takara Holdings Inc.
- Kikkoman Corp.
- House Foods Corp.
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- Toray Industries Inc.
- Mitsubishi Rayon Co. Ltd.
- Kuraray Co. Ltd.
- Tosoh Corp.
- Ibiden Co. Ltd.
- Kyowa Hakko Kogyo Co. Ltd.
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- Sumitomo Bakelite Co. Ltd.
- Sekisui Chemical Co. Ltd.
- Mitsubishi Pharma Corp.
- Ono Pharmaceutical Co. Ltd.
- Taisho Pharmaceutical Co. Ltd.
- Terumo Corp.
- Oriental Land Co. Ltd.
- Trend Micro Inc.
- Oracle Corp. Japan
- Nippon Electric Glass Co. Ltd.
- Toto Ltd.
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- Matsushita Electric Works Ltd.
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- AXICO Inc.
- Konica Minolta Holdings Inc.
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