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17 Jan 2011
US$1,200,000,000 Euro-Commercial paper programme affected
Tokyo, January 17, 2011 -- Moody's Japan K.K. has assigned a Prime-2 short-term
rating to the new US$1.2 billion, euro commercial
paper program of Daiwa Securities Capital Markets Co., Ltd.
(DCM).
RATING RATIONALE
DCM's Prime-2 ratings reflect the company's strong market position
in the domestic wholesale securities industry, which is underpinned
by a broad customer base, sound liquidity, and adequate capital.
The ratings also take into account demonstrated high earnings volatility,
weak earnings performances, and severe competition in the domestic
market, however.
Finally, the rating incorporates DCM's sound overall liquidity and
conservative liquidity management. Moody's understands that the
purpose of the Euro CP program is to diversify DCM's funding sources as
well as to meet the growing funding needs of its expanding overseas subsidiaries.
In addition to its core liquid assets (comprising cash & cash equivalents),
DCM has access to highly liquid marketable securities such as JGBs and
commitment lines, as well as uncommitted bank facilities from major
Japanese financial institutions. These alternatives ensure that
DCM has enough funds to cover its short-term debt obligations.
With regard to alternative sources of foreign currency-denominated
funds, DCM has access to uncommitted bank facilities, in addition
to funding support from its Tokyo head office (such as through currency
swaps of yen funding for the foreign currency).
Moreover, Daiwa Securities Group inc., DCM's
parent, manages and monitors the liquidity of the entire group,
to ensure an appropriate level of liquidity on a group combined basis.
In addition, DCM is also monitors daily liquidity gaps using a series
of stress cases. And Daiwa Securities Group itself maintains adequate
liquidity, which DCM can access if necessary.
The last rating action on DCM was taken on November 30, 2009,
when its ratings were downgraded to Baa1 from A2.
The principal methodology used in this rating was Moody's Global
Securities Industry Methodology published on September 30, 2010,
and available on www.moodys.co.jp.
Daiwa Securities Capital Markets Co. Ltd., headquartered
in Tokyo, is a leading wholesale securities firm in Japan.
Total assets were around JPY 15 trillion at September 30, 2010.
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parties involved in the ratings, parties not involved in the ratings,
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Moody's adopts all necessary measures so that the information it uses
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Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Credit ratings are Moody's current opinions of the relative future credit
risk of entities, credit commitments, or debt or debt-like
securities. Moody's defines credit risk as the risk that an entity
may not meet its contractual, financial obligations as they come
due and any estimated financial loss in the event of default. Credit
ratings do not address any other risk, including but not limited
to: liquidity risk, market value risk, or price volatility.
Credit ratings do not constitute investment or financial advice,
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Moody's Japan K.K. is a credit rating agency registered
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Please see ratings tab on the issuer/entity page on the Moody's website
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The date on which some Credit Ratings were first released goes back to
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of each rating category and the definition of default and recovery.
Tokyo
Maki Hanatate
VP - Senior Credit Officer
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Tokyo
Minoru Kubota
MD - Financial Institutions
Financial Institutions Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Moody's Japan K.K.
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JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Moody's rates Daiwa Securities Capital Markets' Euro CP Programme
No Related Data.
© 2018 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
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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. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser. Additional terms for Japan only: Moody's Japan K.K. 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