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
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