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S&P cuts Aiful and Takefuji to speculative grade

Mon Jun 15, 2009 2:36am EDT

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TOKYO, June 15 (Reuters) - Ratings agency Standard and Poor's cut its ratings on the long-term debt of Japanese consumer lenders Aiful Corp (8515.T) and Takefuji Corp (8564.T) to speculative grade on Monday, citing concern about financing and credit costs.

Standard and Poor's said it cut its long-term senior unsecured debt rating on Aiful to BB from BBB- and on Takefuji to BB+ from BBB-.

Both ratings are considered speculative-grade debt, not investment-grade, according to the Bank for International Settlements. (Reporting by David Dolan)



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