Moody’s upgrades Itochu to A3

Moody's Japan K.K. said it upgraded Itochu Corp.’s issuer rating to A3 from Baa1 and affirmed its Prime-2 commercial paper rating.

The outlook was changed to stable from positive.

"The upgrade reflects Itochu's stable earnings and cash flow, supported by assets that are not prone to commodity-price fluctuations, and its continued deleveraging trend," Moody's vice president and senior analyst Masako Kuwahara said in a news release.

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