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Rating Action:

Moody's affirms Daiwa's ratings; outlook stable

 The document has been translated in other languages

03 Jul 2020

Tokyo, July 03, 2020 -- Moody's Japan K.K. has affirmed all the ratings of Daiwa Securities Group Inc. (Daiwa) and its core operating subsidiary Daiwa Securities Co. Ltd. (Daiwa Securities). The outlook on the ratings is stable.

At the same time, Moody's has withdrawn the outlook on Daiwa's senior unsecured rating for its own business reasons. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on www.moodys.com.

The list of affected ratings are below.

Daiwa Securities Group Inc. (Daiwa)

- Senior unsecured (Foreign): affirmed Baa1

- Senior unsecured MTN (Domestic): affirmed (P)Baa1

- Outlook: remains stable

Daiwa Securities Co. Ltd. (Daiwa Securities)

- Long-term issuer rating: affirmed A3

- Short-term issuer rating: affirmed P-2

- Senior unsecured MTN (Domestic): affirmed (P)A3

- Senior unsecured (Domestic): affirmed A3 (originally issued by Daiwa Securities Capital Markets Co. Ltd.)

- Commercial Paper (Foreign): affirmed P-2

- Other short term (Domestic): affirmed (P)P-2

- Outlook: remains stable

RATINGS RATIONALE

The affirmation of Daiwa Securities' and Daiwa's ratings reflects Moody's view that Daiwa's low risk appetite and low earnings volatility will remain unchanged, given its continued focus on the domestic market in Japan and plan to reform its revenue and expense structure.

Daiwa Securities' A3 long-term issuer rating incorporates a three-notch uplift from its Baa3 standalone assessment, reflecting Moody's expectation of a very high likelihood of government support for the company in times of need. Daiwa Securities' Baa3 standalone assessment reflects the company's low risk appetite and low pretax earnings volatility, which are somewhat offset by its weak but adequate liquidity, deteriorating funding , low profitability and high leverage.

Daiwa plans to improve its weak profitability by JPY30 billion annually through a combination of additional revenue and reduced expenses by the fiscal year ending in March 2021 (fiscal 2020) compared to fiscal 2018, by streamlining its branch and headquarter functions and reallocating human resources to strategic business areas.

The company's risk appetite is increasing as it invests in adjacent businesses as part of its strategy to enter new growth areas and diversify its business. Although Daiwa is very strongly capitalized, leverage has also been increasing as the company uses a large proportion of debt to fund new investments. Consequently, Daiwa's funding ratio is also deteriorating due to the company's use of a mix of short-term funds to fund long-term assets.

However, further significant deterioration of these ratios is unlikely, given that Daiwa has almost completed its strategic investments.

Daiwa is the second-largest capital markets company in Japan in terms of profit, and is designated as a domestic systemically important bank by Japan's Financial Services Agency. It is rated one notch lower than Daiwa Securities because it is a holding company that depends on upstreamed dividends from its operating subsidiaries, mainly Daiwa Securities.

The stable outlook on the ratings reflects Moody's expectation that Daiwa's financial metrics will remain broadly unchanged, given its continued low risk appetite and low pretax earnings volatility.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade the ratings of Daiwa and Daiwa Securities if Daiwa maintains its low pretax earnings volatility, including during times of market volatility, and reduces its leverage on a sustained basis.

However, Moody's could downgrade the ratings of Daiwa and Daiwa Securities if Daiwa experiences a large unexpected loss or if its leverage or risk appetite increases substantially, as reflected by a significant rise in private equity investments or illiquid/concentrated assets, or a reallocation of significant resources to the company's overseas business.

The principal methodology used in these ratings was Securities Industry Market Makers Methodology (Japanese) published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1187336. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Daiwa Securities Group Inc., headquartered in Tokyo, is one of the largest securities firms in Japan, with JPY23.8 trillion worth of consolidated total assets as of March 2020. Daiwa Securities Co. Ltd. is the core operating subsidiary of Daiwa Securities Group Inc.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Tetsuya Yamamoto
VP - Senior Credit Officer
Financial Institutions Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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