7 October 1998: Moody“s Investors Service Inc. has downgraded its senior unsecured long-term debt rating of Japan“s Nippon Sheet Glass Co. to BAA3 from BAA1, the US credit rating agency said recentl…
7 October 1998: Moody“s Investors Service Inc. has downgraded its senior unsecured long-term debt rating of Japan“s Nippon Sheet Glass Co. to BAA3 from BAA1, the US credit rating agency said recently. The downgrade reflects continued pressure on the company“s earnings in its glass and construction materials division, Moody“s said. Moody“s also said it is concerned that “the company“s debt-protection measurements will remain under pressure over the intermediate term as Japan“s domestic economy heads toward deflation and demand from construction, housing and automobile industries remains weaker than expected.” The rating outlook for Nippon Sheet Glass is stable, the agency said.