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Rating Action:

Moody's announces rating actions on Japanese corporates following sovereign downgrade

 The document has been translated in other languages

03 Dec 2014

Tokyo, December 03, 2014 -- Moody's Japan K.K. has today announced rating actions on Japanese corporates following the downgrade of the Government of Japan ("GoJ") rating to A1 -- with a stable outlook -- from Aa3.

Moody's has downgraded the ratings of the following five Japanese corporates.

- Astellas Pharma Inc., downgraded to A1 from Aa3, outlook stable

- Takeda Pharmaceutical Company Limited, downgraded to A1 from Aa3, outlook stable

- FUJIFILM Holdings Corporation, downgraded to A1 from Aa3, outlook stable

- Seven & i Holdings Co., Ltd., downgraded to A1 from Aa3, outlook stable

- Okinawa Electric Power Company, Incorporated, downgraded to A1 from Aa3, outlook stable

Moody's has affirmed the ratings of the following four Japanese corporates.

- Canon Inc., affirmed at Aa1, outlook stable

- Shin-Etsu Chemical Co., Ltd. affirmed at Aa3, outlook stable

- Central Japan Railway Company, affirmed at Aa3, outlook stable

- Tokyo Gas Co., Ltd., affirmed at Aa3, outlook stable

Today's rating actions were solely prompted by Moody's decision to downgrade the GoJ rating to A1 from Aa3.

Please see below for the issuers and the ratings that have been affected.

RATINGS RATIONALE

Ratings Rationale for Downgrade Actions

The below ratings were downgraded by one notch in each case, reflecting the impact of the downgrade of the GoJ rating, on uplift contained within each rating, pertaining to the Japan Support System.

The standalone credit profiles of these issuers were not directly affected by the downgrade of the GoJ rating. Moody's corporate ratings in Japan, however, account for the country's unusual system of support for large and important organizations.

The ratings of the issuers listed below incorporated a 1-2 notch uplift to their standalone credit profiles, without which their ratings would have been lower.

The rating uplift reflected Moody's expectation of the strong support system from major domestic banks and the government to the country's corporate sectors, including these companies.

It is not common in Japan to raise a company's rating to a level higher than the highest-rated support provider, which is the Government of Japan. Given that the ratings of the Government of Japan and the Japanese mega banks were downgraded, Moody's downgraded the final ratings of the below issuers.

Below is a list of those entities whose ratings have been downgraded with details of the rating actions.

Astellas Pharma Inc.

Long-term Issuer Rating: Downgraded to A1 from Aa3

Outlook: Stable

Takeda Pharmaceutical Company Limited

Long-term Issuer Rating: Downgraded to A1 from Aa3

Senior Unsecured Debt (Domestic / Foreign): Downgraded to A1 from Aa3

Senior Unsecured Shelf (Domestic): Downgraded to (P)A1 from (P)Aa3

Outlook: Stable

FUJIFILM Holdings Corporation

Long-term Issuer Rating: Downgraded to A1 from Aa3

Outlook: Stable

Seven & i Holdings Co., Ltd.

Senior Unsecured Debt (Domestic): Downgraded to A1 from Aa3

Senior Unsecured Shelf (Domestic): Downgraded to (P)A1 from (P)Aa3

Outlook: Stable

Okinawa Electric Power Company, Incorporated

Long-term Issuer Rating: Downgraded to A1 from Aa3

Senior Secured Debt (Domestic): Downgraded to A1 from Aa3

Outlook: Stable

Ratings Rationale for Affirmations

The below ratings were affirmed with stable outlooks reflecting their strong to very strong standalone credit profiles. Canon and Shin-Etsu also demonstrate high levels of insulation from the domestic economy combined with strong liquidity and very low reliance on funding in the domestic market.

The ratings of the companies below did not include any uplift for potential support from either the government or the main banks, because the companies' ratings were already higher than those of its potential support providers. As a result, Moody's assessed the fundamental credit of these companies and affirmed the ratings.

Below is a list of those entities whose ratings have been affirmed with details of the rating actions.

Canon Inc.

Long-term Issuer Rating: Affirmed at Aa1

Outlook: Stable

Shin-Etsu Chemical Co., Ltd.

Long-term Issuer Rating: Affirmed at Aa3

Outlook: Stable

Central Japan Railway Company

Long-term Issuer Rating: Affirmed at Aa3

Senior Unsecured Debt (Domestic): Affirmed at Aa3

Senior Unsecured Shelf (Domestic): Affirmed at (P)Aa3

Outlook: Stable

Tokyo Gas Co., Ltd.

Senior Unsecured Debt (Domestic): Affirmed at Aa3

Outlook: Stable

The principal methodology used in rating Astellas Pharma Inc. was Global Pharmaceutical Industry (Japanese) published in May 2013. The principal methodology used in rating Takeda Pharmaceutical Company Limited was Global Pharmaceutical Industry (Japanese) published in May 2013. The principal methodology used in rating FUJIFILM Holdings Corporation was Global Manufacturing Companies (Japanese) published in August 2014. The principal methodology used in rating Seven & i Holdings Co., Ltd. was Global Retail Industry (Japanese) published in August 2011. The principal methodology used in rating Okinawa Electric Power Company, Incorporated was Regulated Electric and Gas Utilities (Japanese) published in February 2014. The principal methodology used in rating Canon Inc. was Global Manufacturing Companies (Japanese) published in August 2014. The principal methodology used in rating Shin-Etsu Chemical Co., Ltd. was Global Chemical Industry Rating Methodology (Japanese) published in May 2014. The principal methodology used in rating Central Japan Railway Company was Global Passenger Railway Companies (Japanese) published in April 2013. The principal methodology used in rating Tokyo Gas Co., Ltd. was Regulated Electric and Gas Utilities (Japanese) published in February 2014. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 rating action on the support provider and in relation to each particular 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 rating action, and whose ratings may change as a result of this 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.

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

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Moody's Japan K.K. is a credit rating agency registered with the Japan Financial Services Agency and its registration number is FSA Commissioner (Ratings) No. 2. The Financial Services Agency has not imposed any supervisory measures on Moody's Japan K.K. in the past year.

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.

Mariko Semetko
Asst Vice President - Analyst
Corporate Finance Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Ian Lewis
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo 105-6220
Japan
JOURNALISTS: 813-5408-4110
SUBSCRIBERS: 813-5408-4100

Moody's announces rating actions on Japanese corporates following sovereign downgrade
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 Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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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