Moody’s Japan has withdrawn Denso’s Aa3 long-term issuer rating with stable outlook and the P-1 short-term rating for Denso Corporation.
Citing “business reasons,” a Moody’s statement noted the move “does not reflect a change in the company’s creditworthiness.”
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Rating methodology used was based on Moody’s Global Automotive Supplier Industry information.
Denso preferred to remain tight-lipped concerning the change with a spokesman for the components company telling just-auto from Holland: “We don’t have a formal comment on that…re-rating changes…sometimes it goes up and sometimes it goes down.
“It is not something we comment to the outside world – even if it gets better.”
Moody’s in Tokyo was not immediately available for comment.
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