Moody’s: Asahi Kasei view to stable

Moody's Japan K.K. said it affirmed the A2 issuer rating of Asahi Kasei Corp. and changed the outlook to stable from negative.

"The change to a stable outlook reflects our view that Asahi Kasei can manage the potential costs of dealing with the defects discovered in its construction work on a Yokohama condominium complex," Moody's vice president, senior analyst Kailash Chhaya said in a news release.

The outlook was negative since Oct. 19, 2015, after the company announced that its subsidiary Asahi Kasei Construction Materials Corp. (unrated) performed faulty installation of a portion of foundation piles for a condominium complex. Asahi Kasei Construction worked as a subcontractor for Mitsui Fudosan Residential Co., Ltd. (unrated), a fully owned subsidiary of Mitsui Fudosan Co., Ltd. (A2 stable) for this foundation pile work.

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