Moody's Downgrades NSG
March 9, 2012

Moody's Investors Service downgraded Nippon Sheet Glass' (NSG) issuer rating early this morning citing low earnings and cash flow, according to reports from Bloomberg. The Japan-based company quickly responded to the rating with a statement issued today.

"We are disappointed and surprised by the extent of the downgrading, which we regard as excessive in the circumstances," writes the company in its statement. "We believe our Strategic Management Plan (SMP), launched in FY2012, continues to be the appropriate way forward for the company, building on increased investment in emerging markets and value added applications."

At its full-year results presentation on May 10, NSG officials say they will update the market on progress with the SMP and on the program of actions announced on February 2, intended to re-establish the company's profit growth from FY2013 onwards, according to the statement.

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