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<span class="mdcPageType">Rating Action: </span>
<h1><span class="mdcPageTitle">Moody's affirms FUJIFILM's A2 issuer rating, assigns (P)A2 shelf rating; outlook stable</span></h1> <img class="globeIcon" data-docid="PR_462927"
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<div class="mdcBodyHeader"> 09 Mar 2022 </div>
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<p>Tokyo, March 09, 2022 -- Moody's Japan K.K. has affirmed FUJIFILM Holdings Corporation's A2 issuer rating.</p>
<p></p>
<p>At the same time, Moody’s has assigned a (P)A2 senior unsecured rating to FUJIFILM Holdings’ domestic shelf registration of JPY300 billion, effective 9 March 2022.</p>
<p></p>
<p>The outlook remains stable.</p>
<p></p>
<p>“The affirmation of FUJIFILM Holdings’ A2 rating reflects the company’s improving business mix from successful growth in its healthcare segment,” says Ryohei Nishio, a Moody’s Analyst.</p>
<p></p>
<p>“FUJIFILM Holdings’ product offering and growth prospects in the healthcare business will more than offset challenges in its copier and printer business, which include the sector-wide secular decline in demand,” adds
Nishio.</p>
<p></p>
<p>RATINGS RATIONALE </p>
<p></p>
<p>FUJIFILM Holdings’ A2 rating is supported by the company’s solid record in executing the growth strategy of its healthcare segment, which has consistently grown over the past few years and now accounts for nearly 40%
of the company’s consolidated operating profit. The company’s healthcare business offers products ranging from medical equipment and systems to biopharmaceuticals, increasing the company’s overall diversification. The
growth of its healthcare segment will more than offset the secular decline in demand and supply chain constraints in the copier and printer business amid the pandemic.</p>
<p></p>
<p>Moody’s expects revenue from FUJIFILM Holdings’ healthcare segment to continue growing, driven by increasingly high demand in the global healthcare market and the company’s organic investments, which include
production capacity expansions. Meanwhile, the company’s ongoing initiatives to integrate its existing and acquired businesses will also help further improve profitability. Its improving business portfolio is an
extension of the company’s long track record of repositioning the portfolio in response to shifts and disruptive changes in end-market demand.</p>
<p></p>
<p>Despite having undertaken a number of organic investments and strategic acquisitions, FUJIFILM Holdings is committed to maintaining a solid financial base and improving its leverage. Moody’s expects the company’s
debt/EBITDA to remain around 1.5x over the next 12-18 months. The company’s strong cash flow will help control its debt and leverage even when it increases its capital spending in the healthcare segment over the next
few years.</p>
<p></p>
<p>FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS</p>
<p></p>
<p>The stable outlook reflects Moody’s expectation that FUJIFILM Holdings will continue improving its business mix and maintain profitability in key businesses, while adhering to a disciplined financial policy over the
next 12-18 months. The outlook is also based on Moody’s assumption that FUJIFILM Holdings will continue original equipment sales to Xerox Holdings Corporation (Ba2 stable) without material reduction in revenue from
this arrangement over the next 12-18 months.</p>
<p></p>
<p>Moody’s could upgrade FUJIFILM Holdings' rating if the company strengthens its competitive position in its healthcare business while maintaining financial discipline in its investments, and successfully contends with
the challenges in its copier and printer business and protects its profitability. An upgrade would also require FUJIFILM Holdings to improve its key credit metrics, such that its EBITA margin increases to above 12% and
its debt/EBITDA falls below 1.5x, both on a sustained basis.</p>
<p></p>
<p>Moody’s could downgrade FUJIFILM Holdings' rating if the company fails to maintain its profitability as a result of intensifying competition, or if the secular decline in demand in the copier and printer business
accelerates. Increasing business risk from its relationship with Xerox, or a shift toward an aggressive financial policy, could also pose downgrade pressure. Metrics that could lead to a downgrade include FUJIFILM
Holdings' EBITA margin falling below 8% or debt/EBITDA rising above 2.0x on a sustained basis.</p>
<p></p>
<p>The principal methodology used in these ratings was Manufacturing (Japanese) published in September 2021 and available at
<a href="https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288137" target="_blank"><span class="blue">https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288137</span></a>.
Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.</p>
<p></p>
<p>FUJIFILM Holdings Corporation, headquartered in Tokyo, is a holding company with two principal operating subsidiaries, FUJIFILM Corporation and FUJIFILM Business Innovation Corp.</p>
<p></p>
<p>REGULATORY DISCLOSURES </p>
<p></p>
<p>For further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and
Definitions can be found at:
<a href="https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004" target="_blank"><span class="blue">https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004</span></a>. </p>
<p></p>
<p>For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same
series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support
provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive
their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner
that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.</p>
<p></p>
<p>For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the
associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity,
Disclosure from rated entity.</p>
<p></p>
<p>The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.</p>
<p></p>
<p>These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its wMoebsite www.moodys.com.</p>
<p></p>
<p>Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.</p>
<p></p>
<p>Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at
<a href="https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235" target="_blank"><span class="blue">http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235</span></a>.</p>
<p></p>
<p>The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany,
in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available
on www.moodys.com.</p>
<p></p>
<p>The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London
E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.</p>
<disclosure>
<p>Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. </p>
<p>
</p>
<p>Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.</p>
</disclosure>
<p>Ryohei Nishio<br>Analyst<br>Corporate Finance Group<br>Moody's Japan K.K.<br>Atago Green Hills Mori Tower 20fl<br>2-5-1 Atago, Minato-ku<br>Tokyo, 105-6220<br>Japan<br>JOURNALISTS: 81 3 5408 4110<br>Client Service: 81
3 5408 4100<br></p>
<p>Mihoko Manabe<br>Associate Managing Director<br>Corporate Finance Group<br>JOURNALISTS: 81 3 5408 4110<br>Client Service: 81 3 5408 4100<br></p>
<p>Releasing Office:<br>Moody's Japan K.K.<br>Atago Green Hills Mori Tower 20fl<br>2-5-1 Atago, Minato-ku<br>Tokyo, 105-6220<br>Japan<br>JOURNALISTS: 81 3 5408 4110<br>Client Service: 81 3 5408 4100<br></p>
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- June 2021 (LTM): Peer Snapshot Peer Snapshot: FUJIFILM Holdings Corporation -
March 2021 (LTM): Peer Snapshot Announcement of Periodic Review: Moody's
announces completion of a periodic review of ratings of FUJIFILM Holdings
Corporation
Rating Action:
MOODY'S AFFIRMS FUJIFILM'S A2 ISSUER RATING, ASSIGNS (P)A2 SHELF RATING; OUTLOOK
STABLE
09 Mar 2022
Tokyo, March 09, 2022 -- Moody's Japan K.K. has affirmed FUJIFILM Holdings
Corporation's A2 issuer rating.
At the same time, Moody’s has assigned a (P)A2 senior unsecured rating to
FUJIFILM Holdings’ domestic shelf registration of JPY300 billion, effective 9
March 2022.
The outlook remains stable.
“The affirmation of FUJIFILM Holdings’ A2 rating reflects the company’s
improving business mix from successful growth in its healthcare segment,” says
Ryohei Nishio, a Moody’s Analyst.
“FUJIFILM Holdings’ product offering and growth prospects in the healthcare
business will more than offset challenges in its copier and printer business,
which include the sector-wide secular decline in demand,” adds Nishio.
RATINGS RATIONALE
FUJIFILM Holdings’ A2 rating is supported by the company’s solid record in
executing the growth strategy of its healthcare segment, which has consistently
grown over the past few years and now accounts for nearly 40% of the company’s
consolidated operating profit. The company’s healthcare business offers products
ranging from medical equipment and systems to biopharmaceuticals, increasing the
company’s overall diversification. The growth of its healthcare segment will
more than offset the secular decline in demand and supply chain constraints in
the copier and printer business amid the pandemic.
Moody’s expects revenue from FUJIFILM Holdings’ healthcare segment to continue
growing, driven by increasingly high demand in the global healthcare market and
the company’s organic investments, which include production capacity expansions.
Meanwhile, the company’s ongoing initiatives to integrate its existing and
acquired businesses will also help further improve profitability. Its improving
business portfolio is an extension of the company’s long track record of
repositioning the portfolio in response to shifts and disruptive changes in
end-market demand.
Despite having undertaken a number of organic investments and strategic
acquisitions, FUJIFILM Holdings is committed to maintaining a solid financial
base and improving its leverage. Moody’s expects the company’s debt/EBITDA to
remain around 1.5x over the next 12-18 months. The company’s strong cash flow
will help control its debt and leverage even when it increases its capital
spending in the healthcare segment over the next few years.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody’s expectation that FUJIFILM Holdings will
continue improving its business mix and maintain profitability in key
businesses, while adhering to a disciplined financial policy over the next 12-18
months. The outlook is also based on Moody’s assumption that FUJIFILM Holdings
will continue original equipment sales to Xerox Holdings Corporation (Ba2
stable) without material reduction in revenue from this arrangement over the
next 12-18 months.
Moody’s could upgrade FUJIFILM Holdings' rating if the company strengthens its
competitive position in its healthcare business while maintaining financial
discipline in its investments, and successfully contends with the challenges in
its copier and printer business and protects its profitability. An upgrade would
also require FUJIFILM Holdings to improve its key credit metrics, such that its
EBITA margin increases to above 12% and its debt/EBITDA falls below 1.5x, both
on a sustained basis.
Moody’s could downgrade FUJIFILM Holdings' rating if the company fails to
maintain its profitability as a result of intensifying competition, or if the
secular decline in demand in the copier and printer business accelerates.
Increasing business risk from its relationship with Xerox, or a shift toward an
aggressive financial policy, could also pose downgrade pressure. Metrics that
could lead to a downgrade include FUJIFILM Holdings' EBITA margin falling below
8% or debt/EBITDA rising above 2.0x on a sustained basis.
The principal methodology used in these ratings was Manufacturing (Japanese)
published in September 2021 and available at
https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288137.
Alternatively, please see the Rating Methodologies page on www.moodys.com for a
copy of this methodology.
FUJIFILM Holdings Corporation, headquartered in Tokyo, is a holding company with
two principal operating subsidiaries, FUJIFILM Corporation and FUJIFILM Business
Innovation Corp.
REGULATORY DISCLOSURES
For further specification of Moody’s key rating assumptions and sensitivity
analysis, see the sections Methodology Assumptions and Sensitivity to
Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can
be found at:
https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.
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The Global Scale Credit Rating on this Credit Rating Announcement was issued by
one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland
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Ryohei Nishio
Analyst
Corporate Finance Group
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo, 105-6220
Japan
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100
Mihoko Manabe
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100
Releasing Office:
Moody's Japan K.K.
Atago Green Hills Mori Tower 20fl
2-5-1 Atago, Minato-ku
Tokyo, 105-6220
Japan
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100
No Related Data.
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