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November 16, 2007 |
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NIS GROUP: JCR Continues Credit Monitor on Senior Debt Rating Japan Credit Rating Agency has decided to continue placing rating on senior debts and shelf registration (with JPY100 billion maximum amount and effective from two years from December 2, 2005) of NIS Group under Credit Monitor as BB/Negative and preliminary BB/Negative, respectively, while downgrading its rating on CP program of the issuer from J- 3/Negative to NJ, removing it from Credit Monitor. JCR also continues placing rating on senior debts of Nissin Servicer under Credit Monitor as BB/Negative. JCR placed ratings on both senior debts and CP program of NIS Group under Credit Monitor, because needs to keep an eye on future liquidity on hand and relationships with the lenders are increasing and because there is fear of drop in its financial stability. Risk that the strict lending posture of banks will continue into the future has increased. JCR downgraded its rating on CP program of NIS Group by one notch to NJ. At the same time, JCR decided to continue placing rating on senior debts of the Company under Credit Monitor with the still Negative direction to it. JCR will continue to watch carefully NIS Group's handling for ensuring liquidity and stabilizing financial footing and lending posture of financial institutions as well. As for Nissin Servicer, which has strong unity with NIS Group in terms of human affairs, business and fundraising, JCR also continues placing rating on senior debts under Credit Monitor with Negative direction. Headquartered in Ehime Prefecture, Japan, NIS Group Co., Ltd., formerly Nissin Co., Ltd., -- http://www.nisgroup.jp/ -- is mainly engaged in the provision of secured and unsecured loans to individuals, including small business owners, consumers, small- and medium-sized enterprises in Japan. The Company operates in four business segments. The Integrated Loan Services segment is engaged in the provision of secured and unsecured loans, trust assurance, leasing and securities services to individuals and corporate clients. The Debt Management and Collection segment is engaged in the purchase, management and collection of debts. The Real Estate segment is engaged in the purchase, sale and development of real estate, as well as the asset management business. The Others segment is engaged in the provision of construction services and enterprise support services, among others. The Company has 54 subsidiaries and 10 associated companies. |
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