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-JCR upholds Okaya & Co's BBB+ debt rating, "stable" outlook.

BANKING AND CREDIT NEWS-December 28, 2010--JCR upholds Okaya & Co's BBB+ debt rating, "stable" outlook(C)2010 M2 COMMUNICATIONS

28 December 2010 - JCR reiterated today its BBB+ rating with a "stable" outlook assigned to the senior debts of Japanese trader Okaya & Co Ltd (NAG:7485).

The agency issued the following press release:

Okaya & Co., Ltd. is a well-established trading firm, which has been in business for 340 years. It is engaged in a wide variety of business areas including electronics and consumer goods in addition to the core iron, steel and industrial materials. It enjoys a stable business base, having good customers in automotive and related industries such as Toyota Motor Corporation. Its business performance has recovered from the temporary drop, and its industrial materials business, which suffered red ink in the fiscal year ended February 28, 2010, has returned to profitability.

Although it will take time for the earnings level to return to the level before Lehman Shock, its business performance will remain firm in the short run. The Company will also be able to retain the current level of financial structure. As a result, JCR affirmed both rating and rating outlook for the Company.

Issuer: Okaya & Co., Ltd. (7485)


Senior debts: BBB+/Stable

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 28, 2010
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