Fulfill capacity, that is, represents the “creditworthiness” of the obligations of the countries and companies “rating”.After the earthquake, was, etc. or positioned private companies, including Tokyo Electric Power and Japanese government bonds in rapid succession or be “downgraded” and “the negative rating outlook”.Takahiro Morita, who enrolled in a major U.S. rating agency Moody’s, nearly 20 years for the “downgrade Rush” is to explain.
May 30, Standard & Poor’s of major U.S. rating agency (S & P) downgraded the 5 stage under “B plus” from “BBB” rating of the company TEPCO is a bond issue of Japan’s largest companies.Is a level that is considered “speculative characteristics strong” and when investors to buy corporate bonds this.
As well as Tokyo Electric Power, news about the rating “downgraded”, “review of the rating” and “negative” is one after another after the earthquake.Table of posted’m a part of, but it can be seen that including the Japan government bonds was “downgraded Rush”.
The original I have experienced long analysts power industry, inquiries about the credit assessment of TEPCO is one after another.Voice to be worried about the future “far rating or go down”, “TEPCO whether to default” and often.
The influence of the rating, when the creditworthiness of the issuer has changed greatly in particular, can not be ignored.For example, in the eurozone serious financial crisis is continued from last year, such as the rating of major banks and government bonds were downgraded in succession Portugal, Spain, Greece, Ireland, etc..That there is a side that has fallen into a vicious cycle market reacts sensitively about it, the financial crisis would be exacerbated as a result can not be denied.It can be said that even influential enough ratings to evaluate the future of creditworthiness affects the real economy in reverse, left and right to the fate of a country.
But, on the other hand, rating agencies not only private companies that aim to profit.It is a fact that also, also there is a criticism “fueled anxiety unnecessarily, do not you’re increasing the risk” and.
Indeed, three major rating companies plus Fitch Ratings Moody’s earlier, the S & P has made a mistake of many.It has been criticized had been given a rating of “investment grade” rating on Enron energy giant bankruptcy previous to 2001, and given a rating of higher-level sub-prime loans in 2007, and caused a financial panic.
※ 29 Jun. 2011 SAPIO
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