GLG News Analyses of the following article:
R&I Cuts JAL's Credit Rating 3 Notches On Turnaround Concerns
Published at: www.nni.nikkei.co.jp
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JAL Downgraded on Transport Minister Comments
October 31, 2009
Domestic rating agency R&I downgraded the corporate credit rating for Japan Airlines Corporation to CCC junk grade amid reports that Transport Minister Hon. Seiji Maehara may seek special legislation designating the company as "effectively bankrupt" in order to reduce pension payouts, underscoring the threat that unrealistic and inconsistent political directives pose to nation's flagship carrier.
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