Bangkok--1 Jun--Moody's
AUD 196 million and NZD 238 million in new debt securities rated
Tokyo, June 01, 2012 -- Moody's Japan K.K. has assigned a Baa3 rating to the senior unsecured debt issued by Daiwa Securities Group Inc. under its Euro MTN Program.
The rating outlook is negative.
The debt, as indicated, represents a takedown from the company's JPY250 billion Euro MTN Program. Moody's had assigned (P)Baa3 ratings to the program.
The bond issuances are:
AUD 196 million senior unsecured debt (due 2016) from Euro MTN Program
NZD 238 million senior unsecured debt (due 2016) from Euro MTN Program
RATINGS RATIONALE
The rating of the holding company, Daiwa Securities Group, takes into account the stand-alone rating of its key operating subsidiary (Daiwa Securities Co. Ltd., rated Baa2) and their consolidated strengths, funding strategies, and liquidity profiles.
Because of the holding company's dependence on dividends from its operating companies, as well as its profile as a pure holding company, Moody's considers it structurally subordinated to the operating companies.
The principal methodology used in rating Daiwa Securities Group and Daiwa Securities was the Global Securities Industry Methodology published on September 30, 2010, and available on www.moodys.co.jp.
Daiwa Securities Group Inc. is a leading securities group in Japan and a holding company. Its principal shareholdings include Daiwa Securities Co. Ltd.
REGULATORY DISCLOSURES
The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.
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