 |
|||
|
|
|||
Assigned pre. AA- rating to shelf of Nippon Electric Glass | Jul 20, 2010 |
JCR has assigned a preliminary AA- rating to the shelf registration of the issuer.
Issuer: Nippon Electric Glass Co., Ltd. (5214)
Shelf Registration: preliminary AA-
Maximum: Y50 billion
Valid: two years effective from July 20, 2010
<Rationale>
Nippon Electric Glass Co., Ltd. is a large manufacturer of glass for display devices. Demands for the liquid crystal panels are rapidly increasing owing to the government stimulus packages by many developed countries and such demands from emerging countries. Although glass substrate for liquid crystal panels might be affected by demand-supply adjustment temporarily hereafter, JCR considers that the Company can secure a satisfactory level of cash flow in the short run, taking into consideration strong demand for the liquid crystal panels, barrier to entry into the industry of LCD glass substrates, and high price discipline. Although the Company will continue to make large amount of capital investments in response to the strong demand hereafter, JCR considers that it can maintain the current good financial structure, given its conservative financial policy as well as a high cash flow level.
Issuer: Nippon Electric Glass Co., Ltd. (5214)
Shelf Registration: preliminary AA-
Maximum: Y50 billion
Valid: two years effective from July 20, 2010
<Rationale>
Nippon Electric Glass Co., Ltd. is a large manufacturer of glass for display devices. Demands for the liquid crystal panels are rapidly increasing owing to the government stimulus packages by many developed countries and such demands from emerging countries. Although glass substrate for liquid crystal panels might be affected by demand-supply adjustment temporarily hereafter, JCR considers that the Company can secure a satisfactory level of cash flow in the short run, taking into consideration strong demand for the liquid crystal panels, barrier to entry into the industry of LCD glass substrates, and high price discipline. Although the Company will continue to make large amount of capital investments in response to the strong demand hereafter, JCR considers that it can maintain the current good financial structure, given its conservative financial policy as well as a high cash flow level.
Back To Top