Moody’s cuts Mitsubishi to negative

Moody's Japan K.K. said it affirmed Mitsubishi Corp.’s A1 issuer and senior unsecured debt ratings, P-1 short-term ratings and A3 subordinated debt ratings.

The outlook was changed to negative from stable.

"Moody's has changed the rating outlook on Mitsubishi's A1 rating to negative from stable and affirmed the rating because of our heightened concern over its ability to generate an adequate and sustainable level of earnings appropriate for an A1 rating, given the challenges arising from the weakness in commodity and energy prices and expectations that this weakness will continue on a sustained basis," Moody's vice president and senior analyst Masako Kuwahara said in a news release.

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