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Moody's downgrades Central Japan Railway on uncertainty over Tokyo-Osaka project

Moody's downgraded Central Japan Railway Co.'s issuer and senior unsecured bond ratings to A1 from Aa3, citing uncertainty over the impact of company's Chuo Shinkansen project to its credit profile.

The ¥5.5 trillion railway project's size, cost and lengthy construction period are expected to weigh on Central Japan Railway's profile through 2027, when completion of the Tokyo-Nagoya phase is targeted. The project will link Tokyo and Osaka with a 500-kilometer-per-hour bullet train.

The company's debt balance and gross debt leverage are expected to remain elevated in the foreseeable future, Moody's said.

The rating agency also revised its outlook on Central Japan Railway's rating to stable from negative.

As of March 18, US$1 was equivalent to ¥111.34.