Upgrades of corporate credit ratings here by Standard & Poor's in 2003 have exceeded downgrades for the first time in 13 years, the U.S. ratings agency said Monday.
Thus far this year, S&P has raised 22 ratings on Japanese industrial companies, financial institutions and Japanese subsidiaries of foreign companies, while lowering 18 ratings, it said in a statement.
In addition, the number of upward revisions concerning "outlook" -- indicating the potential direction of long-term ratings over a period of six months to two years -- totaled 34, compared with just one in 2002, S&P said. There were seven downward outlook revisions, down from 21 last year.