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S&P reports actions on Japanese Nonbank Institutions
S&P said it revised down its Nonbank Financial Institutions anchor for Japan, citing its assessment of increasing risk for Japan’s banking industry and fierce competition.
As a result, S&P downgraded the long-term issuer ratings for Daiwa Securities Group Inc. and Daiwa Securities Co. to BBB+ from A- and A- from A, respectively. It also lowered the two companies’ stand-alone credit profiles to bbb from bbb+.
The agency affirmed the long-term issuer rating of Ricoh Leasing Co. Ltd. at BBB+ but lowered its stand-alone rating.
The outlook for the three companies is stable, reflecting S&P’s view that credit quality will be consistent for the next two years.
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