Japan's Nikko Cordial's ratings under review for possible upgrade - Moody's |
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Published
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Wed, 07 Mar 2007 10:13
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TOKYO (XFN-ASIA) - Moody's Investors Service says it has begun a review of its credit ratings for Nikko Cordial Corp and Nikko Cordial Securities Inc with a view, possibly, to upgrading them in reaction to the announcement that Citigroup Inc aims to buy a majority stake in the brokerage group.The ratings agency said: 'A takeover [by Citigroup] is expected to stabilize the ongoing business activities of [the] Nikko Cordial group and provide reassurance regarding liquidity and capital adequacy at the firm.'Moody's will see whether Citigroup provides Nikko Cordial with a high degree of support and whether it can integrate the brokerage group's operations smoothly despite a 'significant' cultural and strategic gap between them, the ratings agency said.At present, Moody's has 'Baa3' issuer ratings for Nikko Cordial Corp and Nikko Cordial Securities.yumiko.nishitani@xfn.com
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Japan's Nikko Cordial still under review for possible downgrade - Moody's 