Nippon Oil outlook cut on weak cash flow prospects Fitch

Fitch Ratings said it revised Nippon Oil Corp.'s (NOC's) outlook to negative from stable reflecting NOC's likely weak ability to generate cash flow over the next 12 to 18 months as its financial performance lags that of its peers in the same rating category.

NOC, which is Japan's largest refining and marketing company with a 25 percent market share, risks negative rating action if there is further material debt-funded business acquisition activity besides the integration of Kyushu Oil Co, Ltd. in October, Fitch said.

It also said it affirmed NOC's long-term foreign and local currency Issuer Default Ratings at 'BBB' and its senior unsecured debt ratings at 'BBB'.

http://www.forbes.com/afxnewslimited/feeds/afx/2008/09/03/

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Nippon Oil outlook cut on weak cash flow prospects Fitch