Standard & Poor's said Tuesday it has affirmed its AA long-term credit rating on Kao Corp. after Kanebo Ltd. said Monday it is withdrawing its offer to sell its cosmetics division to the household products maker.
The outlook on the Kao rating is stable, it said.
The U.S.-based credit-research agency had placed the rating under review earlier this month as Kao was negotiating to acquire Kanebo's cosmetics operations.
But Kanebo announced Monday it will seek the help of the governmental Industrial Revitalization Corp. of Japan.
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