Nikko Cordial rating watch revised to 'evolving' on Citigroup bid - Fitch |
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Published
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Wed, 07 Mar 2007 08:19
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LONDON (AFX) - Fitch Ratings revised the rating watch on the foreign and local currency issuer default and individual ratings of Japanese brokerage firm Nikko Cordial Corp (NCC) and Nikko Cordial Securities Inc to 'evolving' from 'negative' after Citigroup Inc launched its 1.25 trln yen bid to acquire Nikko Cordial.Fitch had placed Nikko Cordial on rating watch negative on Dec 21 last year.The rating agency said Nikko Cordial Corp.'s long-term IDR rating was 'BBB-', the short-term IDR 'F3', individual rating 'C/D' and support rating '5', while Nikko Cordial Securities has long-Term 'BBB+', short-term 'F2', individual 'C' and support rating '4'.Fitch added that an upward rating change could result if Citigroup successfully obtains a controlling stake in Nikko Cordial.newsdesk@afxnews.comnpr/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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Fitch says Citigroup's ratings unaffected by planned Nikko Cordial buy 