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Sekisui Chemical review

Moody“s Investors Service Inc. said on 16 April that it has placed Sekisui Chemical Co.“s B2 senior unsecured long-term debt ratings and its (P)B2 Japanese shelf registration rating under review for…

Moody“s Investors Service Inc. said on 16 April that it has placed Sekisui Chemical Co.“s B2 senior unsecured long-term debt ratings and its (P)B2 Japanese shelf registration rating under review for possible downgrade. “This rating action reflects Moody“s growing concern that Sekisui Chemical“s earnings and cash flow may continue to face severe pressure over the medium term in an increasingly difficult market environment,” the US credit-rating agency said. The agency said it will assess in its review “how effectively the company can reverse this trend under its revised business plan that starts from April 2002.” Moody“s said Sekisui Chemical“s efforts to restructure its core housing business and other operations over the last three years have failed to produce the results it desired. Moody“s will “focus on how the company can recover market share and achieve acceptable returns” under its revised business plan to boost competitiveness and cut costs. The agency said it will also be watching how Sekisui Chemical restructures businesses related to urban infrastructure and the environment.

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