1 July 1999: Standard and Poor“s Corp. said it has lowered its rating based on public information for Nippon Sheet Glass Co. to BBpi from BBBpi.
“The downgrade reflects the company“s heightened vul…
1 July 1999: Standard and Poor“s Corp. said it has lowered its rating based on public information for Nippon Sheet Glass Co. to BBpi from BBBpi. “The downgrade reflects the company“s heightened vulnerability to a protracted downturn in the domestic glass industry, its increasing exposure to the capital-intensive information and electronic business, and its aggressive financial profile,” Standard and Poor“s said. Despite its cost-cutting efforts and other rationalization measures, “the prospects for a recovery in demand and earnings remain uncertain,” said the US credit rating agency.