Moody's could cut seven Japanese finance companies

Moody's Japan K.K. said it continued the reviews for four Japanese finance companies and placed three companies on review for downgrade.

It continued the reviews for downgrade on Mitsubishi UFJ Lease and Finance Co., Ltd., Mitsubishi UFJ Nicos Co., Ltd., Sumishin Panasonic Financial Services Co., Ltd. and Orient Corp.

Moody's placed ORIX Corp., ORIX (Caribbean) NV and ORIX USA Corp on review for downgrade.

Moody's said the action follows its implementation of its new Finance Company Global Rating Methodology on March 19 and is not prompted by any change in the financial fundamentals of these companies.

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