Moody’s Investors Service said Wednesday it has revised to stable from negative the rating outlook of Daiwa Securities Group Inc., Nikko Cordial Corp. and their respective group brokerages.
The decision reflects Moody’s opinion that “the pace of deterioration” in those companies’ core earnings “has begun to stabilize,” the U.S. credit-rating agency said.
Moody’s assigns a Baa2 issuer rating and Prime-2 short-term issuer rating to Daiwa Securities Co., Baa1 senior unsecured debt and issuer ratings and Prime-2 short-term issuer rating to Daiwa Securities SMBC Co., and a Baa3 senior unsecured debt rating to Daiwa Securities Group.
It gives a Baa2 senior unsecured debt rating and Prime-2 commercial paper rating to Nikko Cordial Securities Inc. and Baa3 senior unsecured debt and issuer ratings to Nikko Cordial.
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