Moody's monitors Nippon Sheet Glass

Moody's Investors Service commented that it will monitor the progress of the statement of objections by the European Commission regarding the alleged violation of competition regulations by a number of construction glass and automobile glass manufacturers in Europe, including Pilkington Group Ltd., a wholly owned subsidiary of Nippon Sheet Glass Co., Ltd., rated Baa3. Pilkington and Nippon Sheet Glass received notice of the procedure in March and April 2007.

At this point, there is only limited information available, and Moody's said it will continue to monitor the progress regarding this issue. However, if any penalty comes in within ¥80 billion, the agency said it is likely that the company's ratings would stay within the Baa3 rating level.

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