MUMBAI (Thomson Financial) – Fitch Ratings said it has upgraded Japan’s third-largest construction contractor Shimizu Corp’s long-term foreign and local currency issuer default ratings (IDR) to ‘BBB’ from ‘BBB-‘ with a stable outlook reflecting the sustained strengthening of the company’s financial profile in the last five years. The stable outlook is based on the agency’s expectation that Shimizu, given its strong market position in the growing non-housing private construction market and diversified business base in the real estate development, is able to keep the current profit levels, Fitch said. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more
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