Moody’s Downgrades JFE Holdings’ Long Term Debt

Moody’s Japan announced on Wednesday the firm downgraded senior unsecured long-term debt rating on JFE Holdings to Baa1 from A3. Moody’s downgraded shelf registration rating to (P)Baa1 from (P)A3. Moody’s Japan downgraded subordinated convertible bond rating to Baa3 from Baa2. The outlook on the rating is negative. Moody’s Japan was in review process for potential downward announced on February 20.

Moody’s Japan affirmed A3 unsecured long-term debt rating on Nippon Steel. The (P)A3 shelf registration rating and the Baa2 special purpose vehicle’s preferred securities were affirmed. The outlook on the rating is negative. Moody’s Japan conducted the review for potential downward announced on December 16, 2011.