Fitch says Citigroup's ratings unaffected by planned Nikko Cordial buy |
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Published
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Tue, 06 Mar 2007 12:38
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LONDON (AFX) - Fitch said Citigroup Inc's credit ratings will not be impacted by its bid to acquire the Japanese brokerage firm Nikko Cordial Corp.Earlier today, Citigroup launched its 1.25 trln yen bid to acquire more than 50 pct of Nikko Cordial.The rating agency said the planned acquisition provides Citigroup an opportunity to capitalize on one of the largest franchises in the Japanese securities business.Fitch has a long-term issuer default 'AA+' rating with stable outlook and 'F1+' short-term rating for Citigroup.'The tender offer is designed to protect Citigroup's 4.9 pct interest in Nikko Cordial as well as its interests in the investment banking joint venture Nikko-Citigroup which had been operating quite successfully until December 2006,' Fitch added.Fitch on Feb 9 downgraded Nikko Cordial's long-term foreign and local currency issuer default ratings to 'BBB-' from 'BBB', the short-term foreign and local currency IDRs to 'F3' from 'F2', and the individual rating to 'C/D' from 'C'. All the ratings remain on rating watch, the rating agency added.newsdesk@afxnews.comami/akuCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Japan's Nikko Cordial's ratings may benefit from Citigroup enlarging stake - S&P 