Bloomberg News

Moody’s Withdraws Credit Ratings on Hulic in Operational Change

December 15, 2011

Dec. 15 (Bloomberg) -- Moody’s Japan K.K. withdrew its credit ratings on Hulic Co., according to an e-mailed statement today by the ratings company, which said the move “does not reflect a change” in the real estate company’s creditworthiness.

Moody’s move comes as the company realigns its operations in the world’s third-biggest economy. Hulic, a real estate company that has 12 billion yen ($154 million) of bonds maturing in 2015, was rated A3, or Moody’s fourth-lowest investment grade, according to data compiled by Bloomberg.

“We have limited resources in Japan,” Tatsuya Inada, Tokyo-based spokesman at the risk assessor, said in a telephone interview today. “To respond to the rising demand for information on credit risks, we started withdrawing ratings on some companies.”

Moody’s is shifting its operations “to focus on providing ratings and research on Japanese cross-border and globally significant issuers,” it said in a separate e-mailed statement on Dec. 13. The risk assessor is considering removing ratings on about 20 borrowers in Japan, Inada said.

--Editors: Pavel Alpeyev, Andrew Monahan

To contact the reporter on this story: Yusuke Miyazawa in Tokyo at ymiyazawa3@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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