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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (77413)	6/11/2002 10:18:45 PM
From: Bandit19	Read Replies (1) \| Respond to of 99280

Zeev BRCD look good to me here. My OB 17.90

To: Zeev Hed who wrote (77413)	6/11/2002 10:21:15 PM
From: getanewlife	Respond to of 99280

Wrapping fire with paper: 06/11 21:42 Moody's Says Japan's Debt Will Keep Rising as It Defends Rating By Ann Saphir Tokyo, June 12 (Bloomberg) -- Japan's national debt, already the highest in the industrial world, will keep rising, a senior Moody's official said during a parliamentary defense of the company's latest cut to the nation's rating. ``To us, debt does matter,'' senior analyst Tom Byrne told the Diet, saying Japan has the biggest peacetime debt since the end of World War II. ``We expect the debt to increase relative to GDP and revenue, no matter what scenario you lay out.'' The parliamentary grilling is the latest installment in a two- month campaign by Japanese officials to block further downgrades by Moody's, Standard & Poor's and Fitch that analysts say may threaten investment in the country and slow an economic recovery. The campaign has failed. Moody's latest cut came after Japanese Vice Finance Minister for International Affairs Haruhiko Kuroda sent a letter demanding an explanation of why the ratings are so low. If Japanese officials ``are looking to intimidate the agency, it's a strategy that is more likely to backfire,'' said Peter Petas, an analyst at CreditSights Inc., an independent credit research firm. Moody's lowered Japan's credit rating two notches last month, saying Prime Minister Junichiro Koizumi wasn't doing enough to reduce the nation's debt. Moody's cut the rating on yen-denominated bonds to ``A2,'' a notch below Botswana and five rungs below the highest level. The company said the rating would probably remain at that level for at least a year. Standard & Poor's has said there's a 50 percent chance it will lower Japan's local-currency rating again after cutting it three times in 14 months, most recently April 15 by one notch to ``AA-.'' Japan's debt equals about 140 percent of its gross domestic product, the highest among industrial nations. The government has said it deserves higher ratings because the country has the world's largest savings surplus and the biggest pool of foreign currency reserves. David Beers, head of sovereign ratings for Standard & Poor's, met Japanese officials last week to explain why it downgraded Japan in recent months. Rebecca Hill, a spokeswoman for the company in New York, said she was unaware of any plans for the company to address the parliament. Jim Jockle, a spokesman for Fitch Ratings, declined to comment.