Kirin Holdings Company, Limited -- Moody's changes Kirin's outlook to negative; affirms A3 ratings

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Moody's Japan K.K. has affirmed the A3 issuer rating of Kirin Holdings Company, Limited, along with its (P)A3 senior unsecured shelf rating and the A3 senior unsecured rating. The rating action reflects Moody's assessment of Kirin's credit quality, including the relative competitive conditions in its operating environment, its evolving business mix and the impact of the coronavirus pandemic. "The negative outlook reflects Kirin's weak margins when compared to its peers and uncertainty around its ability to improve profitability relative to the previous levels over the next few years," says Mariko Semetko, a Moody's Vice President and Senior Credit Officer.