Kirin Holdings' 'Aa2' ratings on review for possible downgrade - Moody's |
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Published
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Mon, 22 Oct 2007 12:40
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has placed the 'Aa2' issuer rating and senior unsecured long-term debt ratings of Kirin Holdings Co Ltd on review for possible downgrade.Moody's said the rating action follows Kirin Holdings plan to take over Kyowa Hakko Kogyo Co Ltd by acquiring upto 27.95 pct of the company's shares.The ratings agency said while the possibility of a multi-notch downgrade is very limited, there is a probability of confirming the current ratings.Moody's said although the transaction may further diversify Kirin's business portfolio and stabilize overall cash flow generation, it may also constrain the company's financial flexibility over the medium term.The acquisition is also likely to affect the company's credit, the ratings agency said.TFN.newsdesk@thomson.comrsh/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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