We see increased likelihood of a recovery in AEON's business performance, given revitalization of existing stores, organizational restructuring, progress in business restructuring within the group, and profits from steadily performing nonretail businesses. We expect the core financial ratio for AEON of debt to EBITDA to improve moderately from a bottom in fiscal 2014, supported by a recovery in AEON's business performance. We are revising the outlook on our long-term corporate credit rating on AEON to stable from negative, and we are affirming our long-term corporate credit and senior unsecured ratings at 'BBB+'. On Sept. 9, 2015, Standard&Poor's Ratings Services revised the outlook to stable from negative on its long-term corporate credit rating on Japan-based retailer AEON Co. Ltd.
