Moody's Investors Service Inc. has lowered its rating outlook for the Baa1 senior unsecured long-term debt of NEC Corp. from positive to stable.
NEC's profitability is under downward pressure from the downturn in the global electronics market, the major U.S. rating agency said.
But Moody's said NEC is focused on the right areas -- network connectivity and providing solutions to businesses seeking to enhance their computerized network systems.
The fall in the electronics market will be deeper and longer than expected and this will have a negative impact on NEC's profitability, it said.
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