Moody's Japan has withdrawn Denso's Aa3 long-term issuer rating with stable outlook and the P-1 short-term rating for Denso Corporation.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."

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.