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S&P withdraws Shiseido's ratings

S&P Global Ratings said Jan. 10 that it has withdrawn Shiseido Company Ltd.'s issuer credit rating at the company's request.

The Japanese cosmetic products maker's long- and short-term issuer credit ratings at the time of the withdrawal were A- and A-2, while its long-term issuer credit rating outlook was positive.

Ratings raised its outlook on Shiseido to positive from stable in June 2019 to reflect the company's better profitability prospects, particularly in China and its home market of Japan.

Ratings said pursuant to the company's request, it also withdrew Shiseido's A- issue credit ratings on its series 7 and 8 unsecured straight bonds, as well as its A-2 issue credit ratings on Shiseido Americas Corp.'s commercial paper program.

The rating agency did not disclose further details behind Shiseido's decision to request to withdraw the ratings.