Bangkok--4 Jul--TRIS Rating
TRIS Rating has upgraded the company rating of Capital Nomura Securities PLC (CNS) to “A” from “BBB+”. TRIS Rating has also removed the CreditAlert with a “positive” implication placed on the company rating of CNS in March 2014, and has replaced with “stable” outlook. At the same time, TRIS Rating has withdrawn the company rating of CNS upon the request of the company.
The upgrade reflects TRIS Rating’s expectation of a stronger level of support for CNS from Nomura Holding Inc. (Nomura). Nomura’s shareholding in CNS increased from 38.6% of CNS’s outstanding shares to 85.8% after the tender offer was completed in June 2014. The rating is enhanced from CNS’s stand-alone credit profile to reflect its status as a strategically important subsidiary of Nomura.
As the rating of CNS has been withdrawn, the assigned rating will no longer be monitored from the date of this announcement.