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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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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
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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.
© 2019 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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