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Fitch cuts Aiful to junk
Fitch Ratings said it downgraded Aiful Corp.'s long-term foreign- and local-currency issuer default ratings to BB from BBB- and its short-term foreign- and local-currency issuer default ratings to B from F3. The ratings on Aiful's senior unsecured notes also been downgraded to BB from BBB-.
The outlook remains negative.
Consumer finance companies are facing mounting pressures and a harsh operating environment, Fitch said. The operating environment is worsening beyond previous expectations, partly from industry-wide high levels of reimbursement claims for excess interest charges, the agency said.
The downgrade also reflects the agency's assessment of its performance and medium-term prospects, following a sharp 85% year-over-year decline in its net profit in 2009, Fitch said.
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