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S&P puts Nomura Research on watch
S&P said it placed the A long-term issuer credit rating on Nomura Research Institute on CreditWatch with negative implications.
The CreditWatch placement follows news that the company will buy back ¥160 billion of its shares through a tender offer by the end of July 2019, the agency said.
The share repurchase is likely to increase its debt materially, which is likely to deteriorate the company's very sound financial standing.
The agency said it intends to resolve CreditWatch placement when the share repurchase is complete and full details of its financing are confirmed.
S&P also said it may lower the rating by one notch if a swift recovery in financial standing is unlikely.
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