Moody’s gives Central Japan Railway bonds Aa3

Moody's Investors Service said it assigned an Aa3 rating to Central Japan Railway Co.'s new $350 million senior unsecured bonds.

The outlook is negative.

The agency said the bonds rank pari passu with all other senior unsecured obligations of the company.

“The rating reflects JR Central's solid cash flow (mainly from its Shinkansen operation), the railway's importance in Japan's transportation system, the favorable regulatory environment for railroad operations, and its limited exposure to unregulated operations,” the agency said in a news release.

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