Moody's Investors Service has assigned an 'A2' issuer ratings to Nippon Electric Glass Co, an A2 senior unsecured rating on its Series 4 bonds 20 bln yen due 2009.
Moody's said the rating reflects Nippon Electric's strong market position, technological expertise, and strong cost competitiveness in the global display glass market as one of the leading manufacturers of glass substrates of TFT -LCDs, and plasma panel displays.
The rating also factors in the company's strong financial profile, backed by strong revenue and earnings from its glass substrates for TFT-LCDs, and its recent share issue.
The rating outlook is stable.
Japan-based Nippon Electric Glass is the third-largest manufacturer of glass substrates for TFT-LCDs, following Corning Inc and Asahi Glass Co. TFN.newsdesk@thomson.com ssa