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Moody’s Investors Service Inc. said Thursday it has downgraded its long-term debt ratings of Mitsubishi Heavy Industries Ltd. and Ishikawajima-Harima Heavy Industries Co. in response to Japan’s economic slump and severe competition abroad.

The U.S. rating agency said it has cut Mitsubishi Heavy’s long-term debt rating to Baa1 from A2, and has downgraded Ishikawajima-Harima’s senior unsecured debt rating to Baa3 from Baa2. The rating outlook for both heavy machinery makers is stable.

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