Moody's to monitor NEC, Renesas

Moody's Investors Service said it said that the rating agency will continue to closely monitor the progress of the agreed business integration of NEC Electronics Corp. (not rated) and Renesas Technology Corp. (not rated).

On April 27, NEC Electronics, Renesas, NEC Corp. (Baa1, on review for possible downgrade), Hitachi, Ltd. (A2, on review for possible downgrade), and Mitsubishi Electric Corp. (A1, stable) agreed to enter into negotiations to integrate operations at NEC Electronics and Renesas, the agency said.

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