Japan Credit Rating Agency, Ltd. (JCR) upgraded Kobe Steel, Ltd.’s long-term issuer rating by one notch from the previous “single-A” to “single-A plus.” The machinery-related and power businesses are expected to generate profits despite challenging conditions in the steel business.
Japan Credit Rating Agency, Ltd. (JCR) upgraded Kobe Steel, Ltd.’s long-term issuer rating by one notch from the previous “single-A” to “single-A plus.”
The rationale for the upgrade was that, while conditions in the company’s core steel business are becoming more challenging, its machinery-related and power businesses are expected to generate profits.
JCR’s announcements on the company’s future financial condition and any further rating developments will need to be monitored.