| Abstract: | The downward trend in the credit quality of Japanese companies that emerged in 3Q 2008 (July 1 to Sept. 2008) became more pronounced in 1Q 2009 (Jan. 1 to March 31, 2009). Downgrades in the Japanese corporate and financial sectors overwhelmingly outnumbered upgrades in 1Q 2009 by 24 to one. Since 4Q 2008 (Oct. 1 to Dec. 31, 2008), when downgrades outnumbered upgrades by nine to one, the weakening trend in the credit quality of Japanese corporations and financial institutions has continued unabated. From 2004 until 2Q 2008 (April 1 to June 30, 2008), upgrades had exceeded downgrades. However, this situation reversed in 3Q 2008 (July 1 to Sept. 30, 2008), and the number of downgrades has since outnumbered upgrades.
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Automotive, Building Materials, Capital Goods, Collateralized Debt Obligations, Commercial MBS, Consumer Products, Corporations, Financial Institutions, Global Issuers, High Technology, Insurance, International Public Finance, Residential MBS, Retail, Sovereigns, Structured Finance, Transportation, Utilities
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