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TOKYO, Aug 29: Moody’s Investors Service on Thursday sliced ratings on four top Japanese heavy machinery firms, warning the weak economy and severe competition might further crush earnings.
Industry leader Mitsubishi Heavy Industries Ltd.’s long-term debt rating was slashed to Baa1 from A2, while rival Ishikawajima-Harima Heavy Industries Co. Ltd.’s was downgraded to Baa3 from Baa2. Kawasaki Heavy Industry Ltd.’s long term debt was lowered to Baa3 from Baa2 and the senior unsecured long-term debt rating of rival Hitachi Zosen Corp. was downgraded to Ba3 from Ba1.—AFP
