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S&P rates Central Japan Railway notes AA-
S&P said it assigned its AA- issue credit rating to Central Japan Railway Co.'s (AA-/stable/--) $350 million 3.4% senior unsecured notes due 2023.
“We assign the same rating to the notes as our long-term issuer credit rating on JR Central,” the agency said in a news release.
“This reflects a view that the company's use of debt is low enough to limit the possibility any lenders might be significantly disadvantaged relative to other lenders.”
The company plans to use the funds it raises from the notes for capital expenditures and debt redemption.
S&P said the rating on Central Japan Railway reflects a view that its solid business in the domestic transportation market underpins the Tokaido Shinkansen bullet train service operator's continued, top-tier profitability among Japanese railway companies.
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