Moody's boosts Ube

Moody's Investors Service said it upgraded the senior unsecured long-term debt rating of Ube Industries, Ltd. to Ba1 from Ba3.

The outlook is stable.

Moody's noted the rating action recognizes Ube's improving balance sheet structure, supported by the successful reinforcement of its business portfolio and current financial policy aimed at improving its financial fundamentals.

The rating action also reflects Moody's belief that the stability of the company's earnings and cash flow is improving due to the series of restructuring action of its business portfolio including its restoration of its aluminum wheel business through the total liquidation of its production facilities in the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.