Moody's ups Asahi Glass view to stable

Moody's Investors Service said it changed to stable from negative the outlook for the A1 senior unsecured long-term debt rating of Asahi Glass Co., Ltd. and its supported subsidiary, AGC Capital, Inc.

The change in outlook reflects a view that AGC will stabilize its profitability and improve its financial profile, which had worsened during the difficult operating environment from late 2008 to early 2009, Moody's said.

The company weathered the downturn by measures, such as shifting to demand-based operations, halting or disposing of production facilities and cutting headcount by about 4,000 globally, the agency said.

It strengthened its cost competitiveness by integrating its flat glass and automotive glass segments, Moody's added.

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