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Article: Standard & Poor's Lowers East Japan Railway to 'AA-'; Outlook Stable
- Article from:
- PR Newswire
- Article date:
- March 17, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TOKYO, March 17 /PRNewswire/ -- Standard & Poor's today lowered the long-term rating of East Japan Railway Co. (JR East) to double-'A'-minus from double-'A'. The outlook for the long-term rating is stable. The downgrade reflects JR East's weakened financial profile, stemming from a gradual decline in the profitability of its core railway operations. The downgrade also reflects mounting concerns over the potential for intervention by the government, which has asked all the JR companies -- formed upon the 1987 privatization of Japan National Railway -- to shoulder an additional share of the liabilities held by the Japan National Railway Settlement Corp. (JNRSC).
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