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Politics : Formerly About Applied Materials

AMAT 322.51

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Feb 6 9:30 AM EST

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To: StanX Long who wrote (63979)	5/24/2002 2:11:29 AM
From: StanX Long	Read Replies (1) of 70976

Casio's Credit Rating Cut to Lowest Investment Grade (Update1) By Keiko Kambara and Julie Tay quote.bloomberg.com Tokyo, May 24 (Bloomberg) -- Casio Computer Co.'s credit rating was cut to the lowest investment grade by Moody's Investors Service, which cited Casio's waning sales of consumer electronics and a lack of new products as reasons for the downgrade. Moody's cut Tokyo-based Casio's senior unsecured debt rating by a notch to ``Baa3'' from ``Baa2.'' The outlook for the rating is ``stable,'' the agency said, adding that approximately 125 billion yen ($1 billion) of long-term debt will be affected. The maker of G-Shock watches and Cassiopeia hand-held computers turned to a net loss of 20.7 billion yen in the six months ended March 31 from a profit of 3.8 billion yen a year earlier after sales fell by almost a quarter. Casio cut jobs and is selling plants to pare costs, which may help it improve profitability this year, Moody's said. ``The stable outlook reflects the rating agency's expectation that Casio will recover its profitability to some extent as a result of the restructuring measures taken,'' Moody's said in a statement. ``Since its G-Shock wristwatches hit the world market in the early 1990s, Casio has been less successful in launching any further attractive products with consumer appeal.'' For the year ending March 31, 2003, Casio will probably post group net income of 6 billion yen on a 4.7 percent gain in sales to 400 billion yen, the company said on May 15. That would mark a rebound from its first full-year loss in three years.

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