Moody’s affirms JFE’s credit rating, changes outlook to stable

Monday, 26 April 2021 12:32:58 (GMT+3)   |   Istanbul

International credit rating agency Moody’s has affirmed Japanese steelmaker JFE Steel’s Baa3 corporate family credit rating, while its outlook for the company has changed to stable from negative.

According to Moody’s, the change in outlook is supported by the solid recovery in steel demand and rising steel prices, which Moody’s expects will improve JFE’s profits following the next 12-18 months. The stable outlook also reflects the improvement in the operating environment and the fact that JFE’s restructuring efforts will support its financial performance.

Moody’s expects steel demand to continue to normalize over the next 12-18 months as Japan and other global markets emerge from the negative influence of the pandemic, which in turn will improve JFE’s financial performance, together with its cost-cutting efforts.

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