International
ratings agency Standard and Poor's (S&P) has maintained its low rating on
Japanese conglomerate Marubeni Corporation.
Marubeni has a controlling interest in the Jamaica Public Service Company.
S&P on Monday disclosed that its triple ‘B' long-term corporate credit rating on Marubeni Corporation remains on negative watch.
It said this was based on the company's planned investment worth about 200 billion yen in two copper projects in Chile.
Standard and Poor's said the investment may result in an increase in Marubeni's overall risks, including concentration risk, to a level that is incompatible with its rating.
The ratings agency also affirmed the triple 'B' rating on the company's long-term senior unsecured debt.
S&P also said the high degree of volatility and uncertainty surrounding copper prices may increase the company's risk levels.
Marubeni has a controlling interest in the Jamaica Public Service Company.
S&P on Monday disclosed that its triple ‘B' long-term corporate credit rating on Marubeni Corporation remains on negative watch.
It said this was based on the company's planned investment worth about 200 billion yen in two copper projects in Chile.
Standard and Poor's said the investment may result in an increase in Marubeni's overall risks, including concentration risk, to a level that is incompatible with its rating.
The ratings agency also affirmed the triple 'B' rating on the company's long-term senior unsecured debt.
S&P also said the high degree of volatility and uncertainty surrounding copper prices may increase the company's risk levels.
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