Changes in market interest rates and credit rating downgrades
First written in FY2016. 16 of 19 entries say "Restated". Latest entry: FY2024-Q3.
The whole theme swung hardest in 2025: 15 of 58 companies on the "Worse" side.
37 other companies' latest entry also says "Restated".
- FY2024-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It states that there have been no new developments or significant changes regarding major business and other risks, including changes in market interest rates and credit rating downgrades. - FY2024-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It states that there have been no new developments or significant changes regarding major business and other risks, including changes in market interest rates and credit rating downgrades. - FY2023MitigatedAnnual report
「The Group is reducing the risk of market interest rate fluctuations by extending the duration of fixed-rate borrowing. It is also managing interest-bearing debt at an appropriate level through the use of surplus funds and other measures, maintaining financial soundness and developing a financial base capable of withstanding cash outflows during periods of large-scale investment.」
In response to market interest rate fluctuations and funding costs, the Group describes the use of fixed-rate borrowing, surplus funds and interest-bearing debt management. - FY2021-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that management recognizes could materially affect the financial position, operating results and cash flows of the consolidated companies, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It states that there have been no new developments or significant changes regarding major business and other risks, including changes in market interest rates and credit rating downgrades. - FY2021-Q1RestatedAnnual report
「During the three-month period ended 30 June, there were no new risks that management recognizes as having the potential to materially affect the financial position, operating results or cash flows of the consolidated companies, and no material changes to the business risks described in the annual securities report for the previous fiscal year.」
It states that there have been no new developments or significant changes regarding major business and other risks, including changes in market interest rates and credit rating downgrades. - FY2020MitigatedAnnual report
「The Group gives first priority to using surplus funds within the Group through its cash management system (CMS). It then seeks to manage interest-bearing debt appropriately in line with the business environment by raising any funding shortfall in a timely and appropriate manner, taking economic conditions and interest rate trends into account.」
In response to the risk of higher funding costs due to market interest rates and credit rating downgrades, the Group describes its management of interest-bearing debt through CMS and timely, appropriate fundraising. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter, no new business or other risks arose. In addition, there were no material changes to the business and other risks described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2019-Q3RestatedAnnual report
「There were no newly arising business or other risks during the nine-month period ended 31 December. In addition, there were no material changes to the "Business and Other Risks" described in the annual securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter, no new business or other risks arose. In addition, there were no material changes to the business and other risks described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2018RestatedAnnual report
「The Company has also received an AA rating from a Japanese credit rating agency. However, this rating is subject to continual review, including in response to increases in interest-bearing debt without a reasonable explanation, requiring a cautious approach. If the rating is downgraded, funding costs may rise, potentially affecting the Group's operating performance and financial condition.」
The risks of a credit rating downgrade and higher funding costs, assuming an AA rating, are reaffirmed. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2018-Q2RestatedAnnual report
「No new business or other risks arose during the six-month period of the current consolidated fiscal year. There were also no material changes to the “Business and Other Risks” described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2018-Q1RestatedAnnual report
「During the cumulative first quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2017RestatedAnnual report
「The Company has also received an AA rating from a Japanese credit rating agency. However, this rating is subject to continual review, including in response to increases in interest-bearing debt without a reasonable explanation, requiring a cautious approach. If the rating is downgraded, funding costs may rise, potentially affecting the Group's operating performance and financial condition.」
Assuming an AA rating, the risks of a credit rating downgrade and higher funding costs due to increases in interest-bearing debt and other factors are reaffirmed. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter, there were no newly arising business or other risks. There were also no material changes in the business and other risks described in the securities report for the previous fiscal year.」
It explicitly states that there have been no new developments or significant changes regarding the risks associated with changes in market interest rates and credit rating downgrades. - FY2016First statedAnnual report
「The Company has also received an AA rating from a Japanese credit rating agency. However, this rating is subject to continual review, including in response to increases in interest-bearing debt without a reasonable explanation, requiring a cautious approach. If the rating is downgraded, funding costs may rise, potentially affecting the Group's operating performance and financial condition.」
While stating that the impact of interest rate fluctuations is limited because debt is centered on fixed-rate borrowings, the risk of higher funding costs resulting from a credit rating downgrade is identified.