Fitch upgrades Japanese steelmakers' ratings

Fitch upgrades Japanese steelmakers’ ratings

Fitch Ratings, a leading global rating agency, announced early this week that it upgraded its ratings on Japanese steelmakers, Nippon Steel Corp (NSC) and JFE Holdings Inc (JFE), due to the producers' improved financial standing and strong business performance. According to the statement released by Fitch Ratings, NSC's rating on its senior unsecured debt denominated in Yen and foreign currencies was raised to BBB plus from BBB, and that for JFE was raised to BBB from BB plus. NSC's rating on short-term debt was upgraded to F2 from F3 and that for JFE from B to F3. The outlook is stable for both companies.