Moody’s changes JFE outlook to stable

Moody’s Investors Service said it changed the outlook to stable from negative and affirmed JFE Holdings, Inc.’s Baa3 issuer rating, senior unsecured rating and backed senior unsecured rating on the bonds guaranteed by JFE Steel Corp., JFE’s subsidiary.

“The change in outlook is supported by the solid recovery in steel demand and rising steel prices, which we expect will improve JFE’s profits for the fiscal year ended March 2021 (fiscal 2020) and the following next 12-18 months,” said Motoki Yanase, a Moody’s vice president and senior credit officer, in a press release.

“We expect steel demand to continue to normalize over the next 12-18 months as Japan and other global markets come out of the negative influence of the pandemic, which in turn will improve JFE’s financial performance, together with its cost-cutting efforts,” added Yanase.

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