Moody's downgrades debt of Japan producer Teijin

10 October 2008 10:17  [Source: ICIS news]

SINGAPORE (ICIS news)--Moody’s Investors Service has downgraded the rating of Teijin’s yen (Y) 15bn ($149.5m) series 4 unsecured straight bond to A3 from A1, the ratings agency said on Friday.

“The rating action reflects that the quality of asset… has deteriorated more than Moody’s original expectation in the current turmoil in financial markets around the world,” said Moody’s senior analyst Noriko Tanaka in a statement.

Teijin had entered into agreement in November 2005 with third parties, entrusting them with sufficient cash to service the debt, Moody’s said.

Moody’s affirmed Teijin’s A3 rating for long-term senior unsecured debt rating with a “stable” outlook, as the company’s ability to service debt remains adequate, the ratings agency said.

Teijin Limited is a Osaka-based holding company that owns diverse businesses ranging from polyester fibres, plastics, medical and pharmaceuticals, high performance fibres, product marketing and IT.

($1 = Y100.34)

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By: Leon Toh
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